Huaneng Power International Inc: Raising Capital in Global Markets

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Case

Reference no. 9A98NK01

Korean language

Subject category: Finance, Accounting and Control

Authors: Stephen R Foerster (Ivey Business School, Western University); Jerry White (Department of Sociology, Faculty of Social Science, Western University); Andrew Karolyi (Ivey Business School, Western University)

Published by: Ivey Publishing

Published in: 1998

Length: 24 pages

Data source: Published sources

Topics: Finance; International finance; Initial Public Offering (IPO); Valuation

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Abstract

This is the Korean version of ''9A98N001''. Huaneng Power International (HPI), an independent power producer in the People''s Republic of China (PRC), is in the process of executing a global equity issue to raise funds for the construction of new power plants. The company is planning to list the new shares through an American Depositary Receipt program on the New York Stock Exchange. The company has recently reduced the price of the issue due to poor market conditions and investor resistance to the price range stated in the preliminary prospectus. HPI''s management must decide whether the new offer price and choice of listing exchange is reasonable in light of recent market events and the political, economic, social and technological environment in the PRC.

Location:

China

Industry:

Electric, gas and sanitary services

Size:

Large