Huaneng Renewables, the clean energy unit of China’s largest power generator, has cancelled at the last minute a Hong Kong initial public offering worth up to $1.3bn.
The company, which had planned to list on December 16, said on Monday it would not proceed due to “recent unexpected and excessive market volatility”. Bankers close to the deal blamed investor fatigue for the abrupt cancellation, suggesting Huaneng might try to list again next year.
A similar offering from the Datang power group is struggling as well. After delays, China Datang Corp Renewable Power priced at the bottom of its range on Monday at HK$2.33 a share. The offering will raise $642m and is expected to begin trading in Hong Kong on Friday.
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