Sept 23 (Reuters) – China Yangtze Power Co Ltd on Wednesday launched a secondary London listing to raise up to $3.4 billion, cementing a strong post-summer period for stock market listings and providing a boost for financial ties between Britain and China.
In what would be the biggest deal under a Shanghai-London stock connect scheme, Yangtze Power said it plans to list 110 million global depositary receipts (GDRs) on the London Stock Exchange between $26.46 and $30.95 apiece.
This sets the targeted proceeds at between $2.91 billion and $3.40 billion. The deal is set to price on Wednesday and to list on Thursday, one of the most rapid timetables for a stock market listing. Read more…..
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China fears more devastating floods as Yangtze River’s levels rise again. River nears crest, threatening further damage from seasonal floods that have been especially severe this year.