Chinese outfit SDIC Power Holdings, which owns renewable energy developer Red Rock Power, has delayed its planned listing on the London Stock Exchange (LSE).
SDIC said it had decided to delay the listing of global depositary receipts (GDRs) for the “time being due to market conditions”.
“The company believes this is a prudent decision and is in the best interests of its existing and future shareholders,” the company said.
SDIC did not elaborate on what it meant by “market conditions” or say when it may go through with the offering of GDRs.
Last month, the company had announced plans to offer GDRs, representing A shares in SDIC, to raise money for its overseas renewables business.
The shares, once offered, would be listed on the Shanghai-London Stock Connect segment of the main market for listed securities of the LSE.
The offering would represent up to 10% of the total ordinary share capital of SDIC, prior to the offering.
SDIC Power, through Red Rock, is already a co-investor in the 588MW Beatrice offshore wind farm off Scotland (pictured).