Li Ka-shing has cut the size of the planned listing of Hong Kong’s electricity distributor by more than $1bn after the initial marketing phase met with weaker than expected demand.
Power Assets Holdings, the utility that is an affiliate of the Hong Kong billionaire’s broader Cheung Kong empire, had hoped to raise up to $5.7bn with the listing of up to 70 per cent of Hong Kong Electric, a specially created trust.
The company will now look to list 50.1 per cent of the trust, plus up to another 7.5 per cent if there is enough demand for an overallotment option, which at the higher end of the price range could raise up to $4.1bn before fees.
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