Main board listing candidate China Resources Power's (CRP) $2.57 billion international share offer has been 21 times subscribed, reflecting the continuing flood of investment into China-related stocks. The firm has priced its shares at $2.80, at the high-end of its indicative range of $2.20 to $2.80. The success follows a string of popular initial public offerings (IPO), with insurer PICC Property and Casualty receiving retail demand that exceeded 135 times the number of shares available, while car and aircraft maker AviChina Industry & Technology's retail offer was more than 100 times subscribed. Rival Three Gorges hydro project operator China Yangtze Power yesterday said the institutional portion of its 10 billion yuan (HK$9.29 billion) A-share offer was 85 times subscribed and the retail portion 70 times subscribed. A small quantity of shares was allocated to foreign investors through the qualified foreign institutional investor programme. Analysts said although CRP was small compared with the three listed H-share independent power producers and lacked an asset-rich parent which could inject power plants into it to create growth, it had come on to the market at the right time with a good growth story. Nomura Securities analyst Pierre Lau said: 'Investors are lining up to subscribe to whatever IPO that is out there. CRP is sought after because there is so much money in the market, it is a China play, and the mainland power sector is still booming.' China's fast industrial output growth has put a strain on the nation's power supply, with 19 provinces suffering rationing during peak usage hours in the summer. After limiting construction of new power plants since 1998 due to lower demand growth, the central government began to speed up approvals of new plants earlier this year as power usage surged. It has risen a higher than expected 16 per cent for most of this year. But Mr Lau said investors were mainly sold on CRP's projected valuations for the next two years in terms of price-earnings ratios being potentially cheaper than those of its rivals Huaneng Power International, Beijing Datang Power Generation and Shandong International Power Development. CRP plans to more than triple generation capacity by 2005.