Huaneng Power Cuts Planned Minimum Price in Sale of A-Shares, Cites Market

Huaneng Power International Inc. plans to sell up to 1.5 billion A-shares at a minimum of 5.57 yuan ($0.82) each, the company told Shanghai’s stock exchange.

The company will raise up to 8.6 billion yuan selling the yuan-denominated stock, according to yesterday’s statement.

The announcement contrasts with Huaneng saying in January that it aimed to sell shares for a minimum of 7.13 yuan each. The plan has been revised because of changes in the market environment, the company said yesterday.

Huaneng will also sell H-shares, with the amount depending on the size of the A-share sale. Approvals from independent shareholders will be sought at a Sept. 10 meeting.

To contact the reporter on this story: Judy Chen in Shanghai at xchen45@bloomberg.net

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