Slaughter and May, Hong Kong, is advising China Power International Development Limited (“CPI”) in relation to the placing of existing shares representing approximately 10.47% of the issued share capital of CPI by its controlling shareholder, China Power International Holding Limited and top-up subscription of the same number of new shares in CPI (representing approximately 9.48% of its enlarged issued share capital), to raise HK$3,900.70 million (US$501 million).
The placing was announced on 2 December 2021.
The net proceeds of the top-up subscription will be used by CPI for the development and expansion of the CPI group’s clean energy business and as general working capital.
The subscription shares will be issued under the general mandate granted by the shareholders of CPI.
CPI, a long standing client of Slaughter and May, is a core subsidiary of State Power Investment Corporation Limited (which is a wholly state-owned enterprise, “SPIC”) for conventional and renewable power generation businesses. SPIC (together with its subsidiaries) is an integrated energy group which simultaneously owns coal-fired power, hydropower, nuclear power and renewable energy resources in the PRC. CPI has been listed on the Main Board of the Hong Kong Stock Exchange since 2004 (Stock Code: 2380).
The CPI group is principally engaged in the generation and sale of electricity in Mainland China, including investment, development, operation and management of coal-fired power, hydropower, wind power and photovoltaic power plants. Its businesses are located in the major power grid regions of China.
Adriana Lee / Trainee