China's Xinyi Energy raises US$465m in Hong Kong's second largest IPO so far

The float could mark the start of more active share sale activity after a sluggish start.

Chinese solar farm operator Xinyi Energy Holdings has raised US$465m in an IPO priced near the bottom of a marketed range at $1.94 apiece, a report by Bloomberg revealed.

At US$465m, Xinyi Energy’s offering will become the second biggest first-time share sale in Hong Kong in 2019, trailing only behind Chinese brokerage Shenwan Hongyuan Group Co.’s US$1.2b listing, according to data compiled by Bloomberg.

Before the deal, the city’s IPO fundraising was having the slowest start to a year since 2013, with just US$4.4b raised, the data show.

Also read: Hong Kong clinched $21.19b across 35 IPOs in Q1 2019

Xinyi Energy is completing its listing after delaying the share sale in December due to stock-market volatility. Since then, Chinese regulators have proposed resuming approvals for some large-scale solar farms to receive subsidies, providing a boost to an industry that slumped last year as the government moved to curb new installations.

Read the full report here.