bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Mainland wind power producer China Longyuan Power said yesterday it would raise up to US$312 million selling new shares, joining the rush among liquidity-thirsty firms to place shares following the recent strong run of the Hong Kong market.
Longyuan plans to sell about 465 million H shares for between HK$5 and HK$5.20 apiece, according to a term sheet, representing a discount of 6 per cent to 9.6 per cent from yesterday's close of HK$5.53.
The firm said it planned to invest half the proceeds in onshore wind power generation projects on the mainland and a further 20 per cent in offshore wind power projects, the term sheet shows, and 15 per cent would be used to develop overseas wind power and solar power plants.
Morgan Stanley and UBS are the joint bookrunners.
The share price of China Longyuan has risen 10 per cent since September as the Hang Seng Index started to pick up strongly amid liquidity inflows and speculation about a cyclical economic recovery on the mainland.
The benchmark has gained more than 15 per cent since September.
The gauge hit a 16-month high on Wednesday and ended 0.26 per cent lower at 22,445.58 yesterday.
Blue-chip electricity supplier China Light & Power (CLP) said on Wednesday it planned to tap the market for US$984 million through a share placement, while Uni-President China said its controlling shareholder agreed to sell a 3 per cent stake in the company.
Meanwhile, private equity firm Carlyle Group is selling up to US$67 million worth of shares in mainland property developer Kaisa Group. The stock has surged 60 per cent since last month.
Shares of the three firms that announced share sale plans all dropped yesterday.
CLP fell 3.6 per cent, Uni-President China shed 5.3 per cent, and Kaisa slumped 7.7 per cent.


China Longyuan seeks US$312m in share sale

Longyuan plans to invest half the proceeds from selling new shares in onshore wind power generation projects on the mainland. Photo: Xinhua

Business

Commodities