CGN Power 1816

Re: CGN Power IPO

Postby winston » Tue Dec 09, 2014 1:47 pm

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<IPO News>CGN POWER (01816.HK) oversubscribed by 286x
Dec 9, 2014

CGN POWER (01816.HK) announced the results for share offering.

The offer price was set at the upper range at $2.78, with one-lot success rate of 100%.

Without the exercise of over-allotment option, the net proceeds amounted to $23.805 billion.

The shares under Hong Kong public offering was oversubscribed by 286 times.

After re-allocation, 1.765 billion shares were issued under public offering, of which the proportion of global offering increased to 20%.

The shares will be officially listed on 10 December.

Source: AAStocks Financial News
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Re: CGN Power IPO 1816

Postby winston » Tue Dec 09, 2014 2:05 pm

05 Dec, 2014

<IPO News>CGN POWER (01816.HK) to be listed next Wed

CGN POWER (01816.HK) will be listed on 10 December.

Market sources said that the trading in grey market between institutional investors has been taken place at a price ranging from $3.3 to $3.8, up 18.7% to 36.7% against the offer price of $2.78.

Source: AAStocks Financial News
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Re: CGN Power IPO 1816

Postby winston » Wed Dec 10, 2014 6:29 am

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CGN Power surges as markets tumble

Shares of CGN Power (1816), which starts trading today, surged 23.38 percent in the gray market yesterday even as stock markets in the mainland and Hong Kong tumbled.

Oversubscribed 268 times in the retail tranche, it priced the shares at the higher range, at HK$2.78 each, to raise a net of HK$23.8 billion.

China's largest nuclear power generator saw shares open at HK$3.30 and close at HK$3.48 on the platform of Phillip Securities. Investors would make HK$650 profit for a board lot.

Shares also closed at HK$3.43 on the Bright Smart platform after rising as much as 23.74 percent to HK$3.44.

Source: The Standard HK
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Re: CGN Power IPO 1816

Postby winston » Wed Dec 10, 2014 9:16 am

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Up 21% in pre-opening trade :)
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Re: CGN Power 1816

Postby winston » Wed Dec 10, 2014 11:42 am

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CGN POWER rated Buy with target $4 by Kim Eng

Kim Eng Hong Kong noted in its research report that CGN POWER (01816.HK), as the China's largest nuclear power operator and the only nuclear power company listed in Hong Kong, deserves premium.

The Buy rating is initiated with target $4.

In addition, Kim Eng believes CGN Power has high chance to be included in the MSCI China Index. ~

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Wed Dec 10, 2014 1:04 pm

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China Nuclear Generator CGN Power Surges on Hong Kong Debut

http://www.bloomberg.com/news/2014-12-1 ... debut.html
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Re: CGN Power 1816

Postby winston » Thu Dec 11, 2014 4:06 am

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Positive reaction to CGN Power IPO

CGN Power (1816) surged 19 percent on its trading debut in Hong Kong yesterday as investors flocked to the shares of China's biggest atomic energy producer at a time when the nation is pushing to boost nuclear generation and cut pollution.

The stock jumped as high as 25.18 percent from its offer price to HK$3.48 and closed at HK$3.31, generating profit of HK$530 for a board lot of 1,000 shares.

The nuclear power generator sold 8.83 billion shares for HK$2.78 each at the top of its price range, raising more than HK$24.53 billion making its Hong Kong's largest initial public offering in two years.

"Nuclear power production has policy support from the state and, increasingly, the backing by local residents as they understand our business better and better," chairman of the board Zhang Shanming said at the listing ceremony.

Zhang expects the Hong Kong listing to ease its debt burden and strengthen its capital position, but he warns the firm's future debt condition remains uncertain.

President Gao Ligang said nuclear power, which made up 2 percent of total electricity generated in the mainland, will play a bigger part in China's market of generation

Source: The Standard HK
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Re: CGN Power 1816

Postby winston » Thu Dec 11, 2014 8:56 am

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China nuclear giant CGN Power surges 24 pct in Hong Kong debut

HONG KONG, Dec 10 (Reuters) - Shares in China's largest nuclear power producer, CGN Power Co Ltd, surged 24.1 percent in their Hong Kong trading debut on Wednesday as investors bet on a government-backed sector primed for growth.

CGN Power raised about $3.2 billion after pricing the deal at the top of a HK$2.43 to HK$2.78 per share marketing range. . By 0142 GMT, the shares in the state-controlled company were trading at HK$3.31, compared with their IPO price of HK$2.78, retreating from the day's high of HK$3.48. The benchmark Hang Seng index was indicated to open down 0.2 percent.

CGN Power plans to use the proceeds of the IPO mostly to expand installed capacity with nine new power generating units and to buy a stake in a nuclear power plant from its parent company.

Energy-hungry China aims to increase its reliance on nuclear energy to bring its spiralling greenhouse emissions under control by 2030. Experts have said that nuclear power is the only scalable replacement energy in China's strategy.

CGN Power said it expected China's installed capacity for nuclear power to surge to 128 gigawatts (GW) by 2030 from 16 GW in 2013. The company sees its own output more than doubling to 24,970 megawatts (MW) by 2019 from 11,624 MW in 2014.

The retail portion of the IPO was hugely over-subscribed, triggering a so-called claw-back rule that forced underwriters to reallocate shares from institutional investors to individuals, CGN Power said in a filing on Tuesday. The institutional tranche of the deal was "very substantially over-subscribed", the company added.

ABC International, Bank of America Merrill Lynch and China International Capital Corp (CICC) were hired as sponsors of the IPO and will earn a combined $3 million for their role.

Source: Reuters
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Re: CGN Power 1816

Postby winston » Thu Dec 11, 2014 11:21 am

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Dec 10, 2014

<Research Report>CGN POWER (01816.HK) initiated Buy, target at $4.1 - Nomura

Nomura initiated the rating of CGN POWER (01816.HK) as Buy due to its attractive valuation.

The listed price was $2.78, trading at 15.8x of the projected PE in 2015 and PB of 1.3x.

The broker set the target price at $4.1, representing 47.5% uplift from the offer price.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Fri Dec 12, 2014 12:55 pm

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CGN POWER to join MSCI China Index, FTSE World Index

CGN POWER (01816.HK) -0.080 (-2.210%) will be included into MSCI China Index and FTSE World Index on 24 December and 22 December, respectively.

Source: AAStocks Financial News
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