By King & Wood Mallesons
King & Wood Mallesons has advised Huaneng Power International, Inc. (Huaneng Power, A-shares Stock Code: 600011, H-shares Stock Code: 0902) on its successful placement of 780 million new H-shares to ten shareholders under the general mandate. With a placement price of HK$7.32 per share, Huaneng Power raised approximately HK$5.71 billion (net amount is around HK$5,690 million). It is the largest new share placement in the Hong Kong capital markets since the market adjustments in July 2015.
Huaneng Power is one of the largest power generation companies in China. As a company listed on the New York, Hong Kong and Shanghai Stock Exchanges, Huaneng Power has performed strongly across multiple capital markets. It has been listed in the Platts Top 250 Global Energy Company Rankings for six consecutive years.
KWM acted as counsel for the issuer in the project and provided legal advice to all aspects of the H-share placement. The KWM legal team was led by partners Zhou Ning and Yang Xiaolei, who were supported by their fellow partner Tang Lizi.