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Firm eyes Shanghai share sale
Source: Shanghai Daily |
January 9, 2010, Saturday
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Print Edition
Print Edition
CHINA XD Electric Co, the country's biggest maker of electricity transmission and distribution equipment, said it plans to sell up to 1.3 billion yuan-backed A shares in an initial public offering in Shanghai.
The Xi'an-based company did not disclose how much it plans to raise but said it will use 7.72 billion yuan (US$1.13 billion) of the probable proceeds to produce high added-value products and increase production capacity to boost profitability, it said in a statement to the Shanghai Stock Exchange.
The shares represented 30 percent of the company's enlarged share capital. About 40 percent of the issuing shares will be offered offline to institutional investors from January 18 while individual investors will subscribe to the remaining 60 percent on January 19. The electrical equipment maker will set its IPO price range next Friday. China International Capital Corp is the underwriter for the deal.
Chinese stocks have debuted weakly recently as the pace of IPOs increased.
The Xi'an-based company did not disclose how much it plans to raise but said it will use 7.72 billion yuan (US$1.13 billion) of the probable proceeds to produce high added-value products and increase production capacity to boost profitability, it said in a statement to the Shanghai Stock Exchange.
The shares represented 30 percent of the company's enlarged share capital. About 40 percent of the issuing shares will be offered offline to institutional investors from January 18 while individual investors will subscribe to the remaining 60 percent on January 19. The electrical equipment maker will set its IPO price range next Friday. China International Capital Corp is the underwriter for the deal.
Chinese stocks have debuted weakly recently as the pace of IPOs increased.
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