China Huaneng Group Corp.’s wind power unit plans to raise as much as 10 billion yuan in an initial public offering in Hong Kong by the end of the year, the China Daily reported citing an unidentified person familiar with the matter.
As many as 2.9 billion shares of Huaneng New Energy Industrial Co. will be offered at a price of 3 to 4 yuan a share, the report said.
Huaneng has hired Morgan Stanley, Goldman Sachs Group Inc. and China International Capital Corp. to arrange the sale, the Daily said.
