China Power International, the Hong Kong unit of one of the five state energy groups, has appointed Merrill Lynch as the sole global co-ordinator of its planned US$800 million listing on the main board, sources say.
The independent power producer also appointed Deutsche Bank as its financial adviser to conduct a due-diligence process on its books, investment banking sources said.
The appointments, made earlier this week, have finally put an end to rumours of the listing, which have circulated in the market for the past five years. The listing could take place in six months, sources said.
Merrill Lynch and Deutsche Bank declined to comment yesterday.
Sources said the listing was important to China Power, which wanted to expand its capacity through acquisitions and the building of new plants.
China Power would be joining the mainland's four Hong Kong-listed energy groups - Huaneng Power International, Beijing Datang Power Generation, Huadian Power International and China Resources Power.
