WING Shan International is to raise $45.9 million by issuing 45 million new shares at $1.02 each when it lists on the Hongkong Stock Exchange. One free 1994 warrant will be offered with every five shares subscribed. The exercise price is $1.28. At present the company's sole asset is a 90 per cent stake in a power plant in Foshan. The plant is a joint venture, with the remaining 10 per cent held by the Foshan City Power Supply Factory which is controlled by the Foshan municipal government. The 10 per cent interest will not be floated. Offers open on Friday and close next Wednesday. Trading is expected to begin on April 7. Speaking at a presentation to fund managers yesterday, company founder and chairman Yip Siu-chun sought to clarify the misconception that Wing Shan is backed by the Foshan municipal government. ''It's purely a misunderstanding,'' she said, adding the business had been built up by herself and not with family backing. While she emphasised that she was not a representative of the city's municipal government, Ms Yip conceded that she did have business connections and co-operation with Foshan. ''With the present tariff of 42 fen (about HK57 cents at official rates) per kilowatt hour, we have a guaranteed annual income of 88.2 million yuan,'' Ms Yip said. Wing Shan International, established as the holding company of the Foshan power plant, is part of the Wing Shan Group which deals in property and trade. The issue price puts the prospective price-earnings multiple on a weighted figure of 6.9, based on projected earnings of no less than $20 million for calendar 1992. Interim dividend is forecast at 2.4 cents. Peregrine Capital and China Development Finance Co are sponsoring and underwriting the issue.