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December, 10, 2016

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Asia's wealthiest man raises US$3 bil. for utilities IPO listing on HK market

HONG KONG--Li Ka-shing, Asia's richest man, raised more than US$3 billion for the Hong Kong listing of his electricity assets on Wednesday in the city's biggest IPO of the year so far.

HK Electric Investments — carved out from Li's Hong Kong-listed utilities firm Power Assets — raised US$3.11 billion, selling 4.43 billion units at the low end of its HK$5.45 to HK$6.30 (US$0.70-US$0.81) indicative price range.

Li's utility assets have endured weak profit growth after the Hong Kong government five years ago capped the rate of return on electricity firms at 9.99 percent, down from 15 percent.

The rate of return pegs the maximum profit the city's electricity companies can make to the value of their fixed assets.

Li remained Asia's richest man as of January 2014 with an estimated net worth of US$32 billion, according to the Forbes rich list.

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