China Investment Corporation (CIC) will acquire $60 million worth of shares in Huaneng Renewables, NASDAQ reports. The Chinese sovereign wealth fund will become a cornerstone investor by buying the shares in the wind-farm operator’s initial public offering (IPO) in Hong Kong.
The other eight cornerstone investors also include Singapore state-owned investment company, Temasek Holdings and Standard Chartered Bank. Beijing-based Huaneng Renewables is aiming to raise up to $988 million via the IPO.
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