Power Assets cuts size of trust IPO to US$3.6b

Move comes after lower-than-expected valuation of firm

[HONG KONG] Li Ka-shing's Power Assets Holdings Ltd slashed the size of a Hong Kong initial public offering (IPO) of its electricity business by nearly one-third to US$3.6 billion because of a lower-than-expected valuation and its decision to keep a large stake in the business.

Power Assets will spin off the business into HK Electric Investments, a single-investment trust, offering 4.43 billion units in an indicative range of HK$5.45-HK$6.30 each, the company added in a filing to the Hong Kong stock...

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