This is the beginning of October 1994, and Huaneng Power International (HPI), an independent power producer in the People's Republic of China (PRC), is in the process of implementation of the global issue of shares to raise funds for the construction of new power plants. The company plans to list new shares through American Depositary Receipt program on the New York Stock Exchange. The company recently reduced the price of the issue due to poor market conditions and investor resistance of the price range set forth in the preliminary prospectus. The student must decide how HPI, be they new offer price and selection in the catalog of exchange is reasonable in light of recent developments in the market and the political, economic, social and technological environment in China. "Hide
by Stephen R. Foerster, Andrew Karolyi, Jerry White Source: Richard Ivey School of Business Foundation 26 pages. Publication Date: February 2, 1998. Prod. #: 98N001-PDF-ENG
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