Bloomberg news reports that China’s second largest power company is planning a $1 billion Hong Kong IPO for its renewable power division.
The report cites two individuals familiar with China Datang Corp.’s plan.
China Datang Corp. Renewable Power Co. could debut on the Hong Kong exchange in late December.
Renewable energy is one of seven "strategic" industries China intends to promote over the next five years. In October, Beijing announced that power distribution companies will be required to purchase renewable power quotas beginning in 2011.
China Datang Corp. is a state-owned company.
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