SHANGHAI: China’s third largest listed power company plans to raise up to US$4.8bil in a Wall Street share sale, the official Shanghai Securities News reported yesterday, as the country seeks massive investment to alleviate a power crunch.
Hong Kong–listed Huadian Power International Corp Ltd, formerly known as Shandong International Power Development Co Ltd, would be the latest company to jump on to a bandwagon of overseas listings, looking to cash in on investors’ enthusiasm for China’s 9% economic growth, the report said, but gave no further details. – Reuters