BREAKING NEWS

Chinese power firm SDIC postpones London listing

Chinese power firm SDIC postpones London listing
FILE PHOTO: A power station of the State Development & Investment Corporation (SDIC) is reflected in a lake in Tangshan, Hebei province, China, August 22, 2018. REUTERS/Thomas Peter -
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THOMAS PETER(Reuters)
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(Reuters) – Chinese power generation group SDIC <600886.SS> has postponed its plans to launch an offering of global depositary receipts (GDRs) in London, the latest to succumb to market uncertainty that has hit other companies as well.

“The company believes this is a prudent decision and is in the best interests of its existing and future shareholders,” SDIC said in a statement on Wednesday.

The London Stock Exchange has seen a number of initial public offerings (IPOs) cancelled or postponed amid market uncertainty, with Indian special effects firm DNEG and Kazakh finance firm <Kaspi.kz> also pulling out of their London-listing plans.

The proposed listing would have made SDIC the second Chinese company to float its shares in Britain under the Stock Connect link with the Shanghai exchange.

(Reporting by Pushkala Aripaka in Bengaluru, Editing by Sherry Jacob-Phillips)

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