CGN Power raises $3.16b in year's biggest HK IPO

CGN Power raised HK$24.52 billion $3.16 billion on Wednesday after pricing its initial public offering at the top, Hong Kong’s biggest IPO of the year.

The deal surpassed HK Electric’s HK$24.1 billion flotation in January but its reign could be short-lived as Dalian Wanda Commercial Properties aims to raise up to $6 billion in its own listing before year-end.

According to Dealogic, the deal is also the world's largest energy and utility IPO of 2014, with two of the top three IPOs in the sector listing in Hong Kong.

Retail and institutional investors clamoured to get a piece of China’s largest...