New | Power producer CGN Meiya’s flotation oversubscribed 557 times

The mainland’s nuclear power producer CGN Meiya, which will debut on the stock market on Friday, said its initial public offering has been oversubscribed more than 557 times and it will price the shares at HK$1.71 each.

In a filing with the stock exchange on Tuesday, the company said it estimated the net proceeds from the share offer would amount to HK$1.59 billion.

The company has diverted 413.57 million shares from the international tranche to the Hong Kong offering following the overwhelming response. As a result, the number of shares in the Hong Kong offering will increase to 516.96 million, representing 50 per cent of the total.