CITIC Electric Power hired investment banks to prepare for London IPO

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      Three sources told Reuters that China's government-backed energy company, State Investment Power (600886.SS), has hired three investment banks to list in London through the Huluntong mechanism. Before leaving Europe, Britain's position as a financial centre will be strengthened.
Two of the sources said Goldman Sachs (GS.N), HSBC Holdings (HSBA.L) and UBS (UBSG.S) were the global coordinators. According to market conditions, the IPO may be launched in the second half of this year.
One of the sources said that CITIC wanted to raise $500 million to $1 billion by selling Global Depository Receipt (GDR) on the London Stock Exchange. The market value of CITIC Electric Power in Shanghai stock market is 57 billion yuan ($8.3 billion).
Due to its normal business hours in China, CITIC did not immediately respond to the e-mail requesting comment.
Goldman Sachs, HSBC Holdings and UBS did not comment.
According to Refinitiv data, China Development Investment Group Limited owns 49.1% of CITIC Electric Power and 36.8% is listed on the Shanghai Stock Exchange.
Sources also said that CITIC's London IPO plan was the fastest to be promoted because it was approved by the board of directors and has designated several investment banks to handle the specific process.


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