Jurisdiction - Hong Kong
Herbert Smith Freehills Advises Huaneng Power On HKD 3.1bn H-Share Placement.

13 November, 2014


Herbert Smith Freehills has advised Huaneng Power International Inc., a Chinese power producer, on its HKD 3.14bn H-share  placement.  
The 365m H-shares placed by Huaneng Power represented 10.27 per  cent of the size of its 3.55bn total existing H-shares issued on  the Hong Kong Stock Exchange. The net proceeds from the share placement  are intended to be used for supplementing the company’s working capital.  

The Herbert Smith Freehills team on the deal was led by Beijing Office Head Tom Chau. Hong Kong-based U.S. securities partner Kevin Roy also advised on the deal. Both Tom and Kevin were supported by Beijing Counsel Wang Zhong and associate Isaac Chen.  
Tom Chau commented:  

“We have been working with Huaneng Group since the 1990s and have seen the company expand and grown very fruitfully over the past few years. We would like to congratulate Huaneng Power on its latest successful major share placement. The market has picked up quite significantly in the past six months and we are starting to see a lot of new investor and issuer appetite, especially from Chinese companies in issuing both shares and debt in Hong Kong. The pipeline is looking good and we look forward to assisting our clients on their capital raising deals in the months to come.”  
China International Capital Corp and Bank of America Merrill Lynch also acted as joint global coordinators, joint bookrunners and joint placing agents on the deal.   


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