Chinese power firm SDIC postpones London listing

Credit: REUTERS/THOMAS PETER

Chinese power generation group SDIC has postponed its plans to launch an offering of global depositary receipts (GDRs) in London, the latest to succumb to market uncertainty that has hit other companies as well.

Dec 4 (Reuters) - Chinese power generation group SDIC 600886.SS has postponed its plans to launch an offering of global depositary receipts (GDRs) in London, the latest to succumb to market uncertainty that has hit other companies as well.

"The company believes this is a prudent decision and is in the best interests of its existing and future shareholders," SDIC said in a statement on Wednesday.

The London Stock Exchange has seen a number of initial public offerings (IPOs) cancelled or postponed amid market uncertainty, with Indian special effects firm DNEG and Kazakh finance firm Kaspi.kz also pulling out of their London-listing plans.

The proposed listing would have made SDIC the second Chinese company to float its shares in Britain under the Stock Connect link with the Shanghai exchange.

(Reporting by Pushkala Aripaka in Bengaluru, Editing by Sherry Jacob-Phillips)

((Pushkala.A@thomsonreuters.com; Twitter: @pushkala_a; within UK: +44 20 7542 1810, outside UK: +91 80 6749 6633;))

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