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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  SDIC Power Holdings CO., LTD.    600886   CNE000000JM2

SDIC POWER HOLDINGS CO., LTD.

(600886)
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SDIC Power : China's SDIC Power seeks London listing to invest in clean energy

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11/26/2019 | 08:00am EST
A power station of the State Development & Investment Corporation (SDIC) is reflected in a lake in Tangshan

Chinese power generation group SDIC Power Holdings plans to offer global depositary receipts in London, it said on Tuesday, adding it will look to use the proceeds to invest further in clean energy and for global expansion.

The Shanghai-listed company said the London offering, which is being made under a link between the London and Shanghai bourses announced earlier this year, will represent up to 10% of the total ordinary share capital of the company.

SDIC Power has a market capitalisation of 57.92 billion Chinese yuan ($8.23 billion) on the Shanghai exchange, suggesting a deal size of around $820 million for the London offering, prior to any potential discount.

The deal would be the second of its nature, after Chinese brokerage Huatai Securities listed in London in June this year, raising about $1.5 billion in the process.

It represents a boost for the London Stock Exchange, which has seen a number of initial public offerings (IPOs) canceled or postponed due to market uncertainty in recent months.

Reuters reported in July that SDIC had hired banks to list in London via the Shanghai-London Stock Connect scheme, in a boost for Britain’s status as a financial center ahead of Brexit.

The listing will help the company invest more in alternative energy, as it makes the transition from a coal-fired power focused company to a generator of clean energy, it said.

"We believe that a flotation on the London Stock Exchange will support our growth strategy, through which we will increase our clean energy capacity and continue our global expansion," SDIC's chairman Zhu Jiwei said in a statement.

Listings of this nature usually run for about four weeks, including two weeks of pre-marketing -- in which analysts present company research to investors -- and two weeks of roadshows, in which investors can put in orders.

A source familiar with the transaction said this process could be accelerated in the case of SDIC to make sure the deal prices comfortably before the Christmas break.

Goldman Sachs, UBS and HSBC are the joint global coordinators on the transaction.

(Reporting by Abhinav Ramnarayan, editing by Louise Heavens and Emelia Sithole-Matarise)

By Abhinav Ramnarayan

Stocks mentioned in the article
ChangeLast1st jan.
LONDON STOCK EXCHANGE PLC -0.29% 6780 Delayed Quote.66.86%
SDIC POWER HOLDINGS CO., LTD. -0.45% 8.76 End-of-day quote.9.32%
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Financials (CNY)
Sales 2019 42 917 M
EBIT 2019 11 064 M
Net income 2019 4 940 M
Debt 2019 129 B
Yield 2019 2,95%
P/E ratio 2019 12,1x
P/E ratio 2020 11,8x
EV / Sales2019 4,40x
EV / Sales2020 4,33x
Capitalization 59 717 M
Chart SDIC POWER HOLDINGS CO., LTD.
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SDIC Power Holdings CO., LTD. Technical Analysis Chart | MarketScreener
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Technical analysis trends SDIC POWER HOLDINGS CO., L
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Average target price 9,01  CNY
Last Close Price 8,80  CNY
Spread / Highest target 23,9%
Spread / Average Target 2,34%
Spread / Lowest Target -14,8%
EPS Revisions
Managers
NameTitle
Ji Wei Zhu General Manager & Director
Gang Hu Chairman
Yue Xiang Niu Chief Financial Officer
Jie Li Member-Supervisory Board
Shao Xiang Luo Deputy Chairman
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