Guangxi Fangyuan Power plans Hong Kong float

Guangxi-based Guangxi Fangyuan Power plans to raise more than US$120 million to expand generating capacity through a flotation in Hong Kong, state media reported. The Guangxi Zhuang Autonomous Region government said plans were still at an early stage. Guangxi Fangyuan, 98%-owned by government-owned Guangxi Investment (Group), will reportedly float 25% of the company. Part of China's power-hungry aluminum smelting industry is based in Guangxi, where hydropower is on ration because of low reservoir levels. Last year regional Guangxi electricity consumption increased by 14.3%.