Huadian Fuxin Energy, the renewable energy arm of the China Huadian group, yesterday started the institutional bookbuilding for its Hong Kong initial public offering despite lingering uncertainty about Europe and the level of economic growth in China.
Reflecting the environment, the size of the offering has been reduced compared to earlier indications and the company is now aiming to raise between HK$2.4 billion and HK$2.64 billion $309 million to $340 million. At the start of the investor education two weeks ago, bankers talked about a deal size of about $400 million to $600 million.
Its sector peers have had a mixed performance since then,...
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