China National seeks US$2.6b from IPO
Print Edition
CHINA National Nuclear Power Co plans to raise at least 16.25 billion yuan (US$2.6 billion) in an initial public offering as China builds more reactors for clean energy.
The nuclear power operator aims to sell up to 3.651 billion A shares on the Shanghai Stock Exchange, or 25 percent of its enlarged capital, according to a preliminary listing prospectus posted on the China Securities Regulatory Commission website over the weekend.
The Beijing-based company said it plans to use the 16.25 billion yuan to fund the construction of four nuclear plants in Fujiang, Zhejiang, Hainan and Jiangsu provinces and also to replenish working capital.
The IPO plan, subject to securities regulatory approval, comes amid a government push for cleaner energy to cut reliance on coal and curb pollution. China is building 29 nuclear reactors, the most in the world, the World Nuclear Association said.
After being suspended for safety checks in 2011 following the Fukushima nuclear plant disaster in Japan, China’s nuclear expansion plan is now back on track with some new projects likely to be approved soon.
Premier Li Keqiang last month reiterated China’s intention to develop the civil nuclear sector.
China National’s bigger rival, Shenzhen-based China General Nuclear Power Group, was also reported to be seeking to raise about US$2 billion in a Hong Kong IPO in the second half of this year. China General Nuclear is formerly China Guangdong Nuclear Power Group.
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