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New option adds weight to China Power IPO
By Yu Lu (China Daily)
Updated: 2004-09-13 08:55

China Power International Holding Co, which is expected to launch an initial public offering in Hong Kong next month, has gained an option to buy a 25 per cent stake in Shanghai Electric Power.

China Power International has signed an agreement on the issue with its parent company China Power Investment Corp, which is also the largest shareholder of Shanghai Electric Power, the Shanghai firm said.

It said that the three-year option will take effect from October 29, at either net asset value or the prevailing market price.

Securities analysts said that the move will raise the attraction for China Power International to overseas investors.

Earlier reports said that the company has started preliminary marketing of its IPO worth from US$300 to US$450 million last week.

The Hong Kong-based affiliate of China Power Investment plans to start a formal management roadshow for the IPO in the week of September 20 and price the deal in the week of October 7.

It is to sell 33 per cent of its enlarged share capital at 11.5 to 17.3 times 2004 forecast earnings, and 7.6 to 11.5 times 2005 forecast earnings.

China Merchants Securities, which is arranging the IPO with Merrill Lynch, expects the net profit of China Power International to rise 8.3 per cent to 655 million yuan (US$79 million) in 2004 and jump more than 50 per cent to 988 million yuan (US$119 million) in 2005.

The company is expected to be valued between US$909 million and US$1.4 billion after the listing.

Its attributable capacity, including plants in Anhui, Henan and Jiangsu provinces, is expected to grow at a compound annual rate of 26.7 per cent in the next five years to 9,812 megawatts in 2009 from 3,010 megawatts this year as three new power plants will come into play from 2006.

China Power International plans to spend US$1.29 billion by the end of next year to boost its capacity through acquisitions and building new plants.

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