Huaneng Renewables cancels Hong Kong IPO

Huaneng Renewables, the wind power unit of China Huaneng Group (listed unit: Huaneng Power International; HNP.NYSE, 600011.SH, 0902.HK), has canceled its Hong Kong initial public offering due to "recent unexpected and excessive market volatility," the Financial Times reported. The company had hoped to raise US$1.3 billion through the listing, scheduled for December 16. Bankers suggested that the company might try to list again next year. Several Hong Kong IPOs have been withdrawn in recent weeks as investor appetites dwindle. China Datang Renewable Power, a wind subsidiary of China Datang Corp (listed unit: Datang International Power; 601991.SH, 0991.HK) is struggling with its US$642 million offering. Shares, which are due to begin trading on Friday, were priced at HK$2.33 (US$0.29) each, the bottom end of the range. Hong Kong still ranks as the world’s biggest IPO market this year, raising a total of US$52.8 billion, compared with US$42 billion in the US.