Li Ka-shing cuts HK utility IPO to S$4.5 bln as investors balk at valuations

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#1
Investors are expecting higher yield...

Li Ka-shing cuts HK utility IPO to S$4.5 bln as investors balk at valuations

HONG KONG – Billionaire Li Ka-shing’s Power Assets Holdings downsized a Hong Kong IPO of its electricity business by nearly one-third to HK$27.91 billion (S$4.5 billion), a sign that valuations for upcoming deals in the city will need to remain conservative to lure investors.

Power Assets will spin off the utility business into HK Electric Investments, a single-investment trust, offering 4.43 billion units in an indicative range of HK$5.45 (S$0.89) to HK$6.30 each, the company said in a filing on Sunday.

That would put the initial public offering at up to HK$27.91 billion. It was previously expected to reach up to US$5.7 billion based on the top market valuation of the trust and an initial plan to float up to 70 per cent of the business.
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http://www.todayonline.com/business/li-k...valuations
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#2
This piece news has HK$, S$ and US$ floating everywhere. Is the reporter trying to confuse everyone...

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