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China

China

Huadian plans $1 billion listing in Q2

CHINA: Huadian Fuxin Energy, the new energy unit of state-owned China Huadian Corporation, is planning a listing on the Hong Kong Stock Exchange in the first quarter of this year, to raise up to $1 billion.

Huadian Fuxin Energy, with CNY 5 billion in registered capital, expects to launch the IPO as early as the second quarter of 2012.

The company hopes to invest CNY 1.8-2.4 billion ($286-381 million) in energy projects, including wind farms, hydropower, and nuclear power projects. The remaining funds will be applied to repay bank loans and supplement circulating funds.

Bank of America, Merrill Lynch, Citic Securities and UBS are arranging the transaction.

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