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Energy

China Yangtze Power opens unchanged after $1.83 billion London float

LONDON (Reuters) - China Yangtze Power CYPCq.L began its London debut unchanged at $26.46 per global depositary receipt (GDR) on Friday after pricing a smaller than expected $1.83 billion London listing overnight.

The Shanghai-listed company sold 69.1 million GDRs as part of the listing - as opposed to the original plan to sell 100 million GDRs - at $26.46 each, representing about 3.1% of its share capital in Shanghai.

Yangtze Power becomes the second company this year to make the trip from Shanghai to London as part of a stock connect scheme between Britain and China following China Pacific Insurance CPICq.L earlier this year.

Reporting by Abhinav Ramnarayan, editing by Karin Strohecker

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