Funds drawn to China Power IPO

HONG KONG: Institutional investors have so far bid for two to three times the US$330mil in shares being sold by China Power International Development, a unit of the mainland's largest power generation group China Power Investment Corp (CPI Group), the Standard said quoting sources. 

China Power is offering 990 million shares, or 33% of its enlarged share capital, at between HK$2.10 and HK$2.60 each. 

That price range represented 10.5–13.0 times the company's 2004 profit forecast of at least 633 million yuan, the report said. – AFX-Asia  

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