Huaneng Power International Inc.

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Huaneng Power International Inc. (HPI) was floated in October 1994 at $20/share (31.25 million ADS issued). The issue was coordinated by Lehman Brothers. The offering was for 25% of HPI which is owned by Huaneng International Power Development Corp. (40.23%) and the investment companies of seven local governments in China (34.77%). The company has five operating plants totaling 2,900-MW (Dalian - 700-MW; Fuzhou - 700-MW; Nantong - 700-MW; Shangan - 700-MW; Shantou - 100-MW) and a 700-MW plant under construction in Fujian Province- all 100% owned by the company - and 13 projects representing 11,500-MW under development. In Dec. 2000, Huaneng Power International acquired all assets of Shandong Huaneng Power Co. in a takeover bid of US$ 696 million. Under the deal, the shareholders of Shandong Huaneng Power exchanged all their shares for a one-time cash payment of US$ 8.09 per ADS, each representing 50 common shares. The company issued roughly 147 million A-shares in December 2001 at a price of RMB 13.30 (USD1.61) per share for a total of $235.5m. As of 2004, Huaneng Power International had a total generation capacity of 18,832 megawatts. None None