BEIJING -- Huaneng Renewables Corp, the wind-power unit of China's biggest electricity producer, made a lackluster debut on the Hong Kong bourse on Friday, with its share price down 2.8 percent from the offering price to hit HK$2.43 (31 cents).
The company raised 799 million in its initial public offering in Hong Kong by selling 2.485 million shares at HK$2.5 each, compared with an original range of HK$2.28 to HK$2.98.
The company said 57.8 percent of the proceeds would be invested for the expansion of its wind power business, 19.2 percent would be used for the repayment of bank loans and the remainder would be used to fund acquisitions of domestic and overseas wind power generators
The company tried to get listed in Hong Kong in December 2010, but shelved its IPO due to insufficient subscriptions.
Huaneng Renewables had a total of 3.52 million kilowatts of wind power capacity at the end of last year, and the number is expected to hit 5.1 million kilowatts by year-end.
The company reaped a net profit of 884.5 million yuan ($136 million) last year.
