Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

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.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Huaneng Renewables to Raise $204 Million From Share Placement

Don't Miss Out —
Follow us on:

Oct. 15 (Bloomberg) -- Huaneng Renewables Corp., a Chinese wind-farm operator, plans to raise HK$1.58 billion ($204 million) from a share sale.

The company will issue about 582.3 million shares at HK$2.71 apiece, according to a Hong Kong stock exchange filing. Net proceeds, excluding fees, will be HK$1.55 billion.

The placement price is 7.5 percent lower than the closing price on Oct. 11. Credit Suisse (Hong Kong) Ltd. is the sole share sale manager.

Huaneng Renewables joins China Longyuan Power Group Corp., the nation’s biggest wind project developer, in issuing equity. China Longyuan raised HK$2.91 billion from a share placement in December. Huaneng Renewables’ sale will account for about 16.7 percent of its H shares after completion, the company said.

The sale is “far lower in terms of dilution” and “far higher in terms of the issuance price” than expected, analysts led by Michael Parker at Sanford C. Bernstein & Co. wrote in a note to clients today.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.