The utility's chairman blames China's regulatory regime and the poor global mood in the sector following Enron's collapse
Independent power producer (IPP) Meiya Power has postponed a Hong Kong listing planned for this year, blaming poor international investor sentiment and regulatory concerns over China's power market.
In February, the North American-funded company said it planned to pick a lead underwriter from a shortlist of candidates by last month ahead of launching an initial public offering (IPO) to raise up to US$400 million.
Chairman Colin Tam said yesterday Meiya had decided to delay its listing plans after discussions with the investment banks pitching for the IPO deal.
He said international investment sentiment in the power sector remained poor after the collapse last year of the US energy giant Enron.
'Many companies in the sector are still suffering from financial difficulties which have affected investor interest and valuation of power companies,' Mr Tam said.