Stocks News
- Pingdingshan Coal seeks Hong Kong listing
Date: 22-Jan-2007 Sources: (Shenzhen Daily)
PINGDINGSHAN Coal Co., a coal firm based in Henan Province, said it plans a listing in Hong Kong after its subsidiary raised 3 billion yuan (US$386 million) in a Shanghai listing in November.
Pingdingshan Coal, with 33 million tons of coal output and 21.2 billion yuan (US$2.72 billion) of revenues, ranks No. 6 among the biggest 100 Chinese coal producers and No. 1 in Henan Province. It earned net profits of about 1.5 billion yuan in 2006, chairman Chen Jian Shen told reporters Friday.
Shares in its 59.23 percent-owned Pingdingshan Tianan Coal Mining Co. have jumped 43.6 percent since their listing to trade at 12.8 times 2007 earnings estimates of 0.91 yuan per share.
Investment bank BOCI expects the Shanghai-listed firm's output to reach 30 million tons by 2010, up 40 percent from 21.6 million tons in 2006, as it acquires coal mines from its parent firm.
Pingdingshan Coal paid 1 billion yuan for the exploration rights for Yangjiaping Mine in western China's Shannxi Province in September.
Henan officials said Yima Coal Group, which produced 16 million tons of coal in 2005, and Zhengzhou Coal Group also plan Hong Kong listings this year.
Sponsor Results:
