Longyuan institutional IPO 8-9 times oversubscribed

November 25, 2009
Singapore Democrats

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Yvonne Lee
Dow Jones Newswires

The institutional tranche of China Longyuan Power Group Corp.’s (0916.HK) initial public offering is eight to nine time oversubscribed, a person familiar with the situation said Wednesday.

Singaporean sovereign-wealth fund Government of Singapore Investment Corp. and Hong Kong-listed Ping An Insurance (Group) Co. of China Ltd. (2318.HK) have agreed to subscribe to shares in Longyuan, the person said.

Longyuan, China’s largest producer of electricity generated by wind power, is seeking to raise US$2.5 billion in the IPO ahead of a listing in Hong Kong scheduled for Dec. 10.

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