Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

CIC, Temasek Said to Be Among Key Investors in Huaneng Offering

Don't Miss Out —
Follow us on:

May 26 (Bloomberg) -- China Investment Corp. and Temasek Holdings Pte are among key investors who plan to buy a combined $415 million of shares in Huaneng Renewables Corp.’s initial public offering, two people with knowledge of the matter said.

The Chinese sovereign wealth fund has agreed to subscribe for $60 million of shares, while Temasek, Singapore’s state investment company, plans to invest $50 million, said the people, who declined to be identified as the process is private. The funds are among 13 so-called cornerstone investors that include General Electric Co., the people said.

The wind power unit of China Huaneng Group Corp., China’s biggest electricity producer, is seeking to raise as much as HK$7.4 billion ($950 million), offering about 2.5 billion shares at HK$2.28 to HK$2.98 apiece, the people said. The company aims to start trading on June 10, they said.

Cornerstone investors, who get guaranteed access to IPOs in return for agreeing to hold the shares for typically six months, account for at least 44 percent of Huaneng Renewables’ sale, as the Beijing-based company tries to garner support for its second attempt since December to list in Hong Kong.

Hu Xiaoyu, a director at China Huaneng Group’s news office in Beijing, declined to comment, as did Temasek spokesman Jeffrey Fang. Two phone calls to CIC’s public relations office in Beijing went unanswered.

Huaneng Renewables said on Dec. 13 that market volatility forced it to scrap a planned IPO. Rival China Datang Corp. Renewable Power Co., the wind unit of the nation’s second-largest power producer, began trading in December after raising HK$5 billion.

General Electric plans to buy $15 million of shares, while China State Grid Corp. has agreed to invest $50 million in the IPO, the people said. A Standard Chartered Plc unit and CSR Corp., China’s largest listed trainmaker, plan to invest $50 million each in the offering, they said.

Bank of China Group Investment Ltd., China Huadian Corp. and Anshan Iron & Steel Group each plan to buy $30 million of stock, the people said. Morgan Stanley, China International Capital Corp. and Macquarie Group Ltd. are managing the IPO, the people said.

To contact the reporters on this story: Fox Hu in Hong Kong at;

To contact the editor responsible for this story: Philip Lagerkranser at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.