China General Nuclear Power Company sold 8.8 billion shares Wednesday, raising $3.16 billion in the largest initial stock offering on the Hong Kong stock exchange in a year.
The company that produces about half of China's nuclear energy – cranking out 9.4 gigawatts – made an $810 million profit in 2013, up 2 percent from 2012, Business & Tech reported.
The IPO was held about three weeks after the United States and China announced a landmark agreement on carbon emissions standards, aiming to halt growth in emissions by 2030. That pact likely gave the IPO a serious boost. On top of that, China is frequently named as the country with the most ambitious nuclear plant construction plans in the world. There are 21 nuclear plants currently in operation in China and 27 more under construction.
In addition, China General has been striking partnerships with non-Chinese firms, hoping to land lucrative construction deals around the world.
The last company to post an IPO of similar size in Hong Kong was the China Everbright Bank, which raised $3.2 billion in its 2-13 stock launch.