China Yangtze Power to list in London

China Yangtze Power Co Ltd (SHA:600900), the world's biggest hydropower plant operator in terms of capacity, on Wednesday announced plans for a listing of global depositary receipts (GDRs) on the London Stock Exchange.

The company plans to offer 110 million GDRs priced at between USD 26.46 (EUR 22.70) and USD 30.95 each, with a book-building process to determine the final price. Total gross proceeds are expected to be between approximately USD 2.9 billion and USD 3.4 billion. Every GDR will represent 10 A shares in the company.

The GDRs are expected to start trading on the Shanghai-London Stock Connect segment of the LSE on or around September 30.

Proceeds from the listing will be used to repay debt and for working capital.

"The GDR issuance of Yangtze Power is not only beneficial for our overseas business expansion and capital structure optimization, it also helps us get access to overseas equity financing, integrate with international capital markets and further develop our international strategies," said chairman Lei Mingshan.

Goldman Sachs International, UBS AG London Branch, Huatai Financial Holdings (Hong Kong) Limited and CLSA Limited have been appointed as joint global co-ordinators.

China Yangtze Power operates four hydropower plants on the Yangtze River, namely the Three Gorges project, the Gezhouba project, the Xiluodu project and the Xiangjiaba project, with a total capacity of almost 45.5 GW.

(USD 1.0 = EUR 0.858)

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