Huaneng pulls IPO due to insufficient demand
Huaneng Renewables, the Chinese wind power company, has cancelled its Hong Kong IPO after receiving insufficient demand to cover its books, according to bankers away from the deal.
Huaneng was due to price a HK$9.9bn ($1bn) IPO on Thursday night but the deal failed to materialise. Bankers away from the deal speculated that the company was too expensive, particularly in comparison to fellow wind company China Datang which was set to price its IPO this weekend.
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