Nuclear giant launches $3.1b public offering in Hong Kong

The largest nuclear plant operator by installed capacity in China, CGN Power Co Ltd, launched its Hong Kong initial public offering on Thursday, a sign that the race for new nuclear power plant construction is heating up in the world's fastest-growing nuclear market.

CGN Power, a subsidiary of China General Nuclear Power Group, began taking orders from investors on Thursday. It plans to issue up to 8.825 billion shares on the stock exchange in Hong Kong at a range of HK$2.43 (31 cents) to HK$2.78, it said in an announcement.

The deal will be priced on Dec 3 and the shares will list on Dec 10. If all goes as scheduled, it will become the first Chinese nuclear power company to go public.