Dec. 2 （Bloomberg） -- Aluminum Corp. of China Ltd. and Angang New Co. will each buy a $50 million stake in the initial public offering of China Datang Corp.’s wind-power unit in Hong Kong, according to a term sheet sent to investors today.
The companies are among key investors who will pay a combined $250 million for stock in China Datang Corp. Renewable Power Co., the terms show. State Grid Corp. of China and China Yangtze Power Co. will also purchase $50 million stakes, the terms for the HK$6.8 billion （$875 million） IPO show.
The Datang unit plans to set the price for its shares on Dec. 10 and start trading on Dec. 17. The sale will add to the record $49 billion raised in Hong Kong IPOs this year, according to data compiled by Bloomberg. The amount includes funds raised through the exercising of over-allotment options.
Aluminum Corp., the listed unit of China’s biggest maker of the metal, will buy its shares through a Hong Kong unit. Shen Hui, an investor relations manager for the company known as Chalco, couldn’t immediately be reached for comment.
Angang, formed in a merger this year between Anshan Iron & Steel Group and Pangang Group Co., will also make its purchase through a Hong Kong subsidiary. Liu Jingyuan, a spokesman for Anshan Iron & Steel, said he had no information regarding the investment.
Lou Jian, Beijing-based secretary for Yangtze Power, and officials at State Grid Power couldn’t immediately be reached for comment.
China Longyuan Power Group Corp. will buy a $30 million stake through a unit, the terms show. Officials at the Hong Kong-listed company couldn’t be reached.
China Everbright Ltd., Credit Suisse Group AG, JPMorgan Chase & Co., Macquarie Group Ltd. and UBS AG are managing the IPO.
--With assistance from Helen Yuan in Shanghai, Xiao Yu and Chua Baizhen in Beijing. Editors: Darren Boey, Richard Frost.
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