CGN China seeks $2bn IPO

CGN Power Co of China, the largest nuclear-power producer by installed capacity, applied for a USD2bn initial public offering with the Hong Kong Stock Exchange. The country’s biggest nuclear-power company made its filing on 3 September. If the HKSE grants approval to CGN Power, its IPO will be carried on in Q4 of this year. CGN Power’s joint sponsors are Merrill Lynch, Bank of America, China International Capital Corp, and Agricultural Bank of China Ltd’s investment unit, ABC International. CGN recorded a Rmb5bn (USD814m) profit in 2013, up 2% from a year earlier, according to the preliminary prospectus.