Stocks News
- China Coal hires sponsor for Shanghai IPO
Date: 16-Nov-2007 Sources: (Shenzhen Daily)
CHINA Coal Energy Co., which lists shares in Hong Kong, had hired a Morgan Stanley joint venture to handle its roughly US$4.3 billion Shanghai listing, sources familiar with the deal said Thursday.
China Coal Energy, the country's second-largest coal producer, has hired China International Capital Corp. (CICC), in which Wall Street bank Morgan Stanley holds a 34.3 percent stake, to sponsor its Shanghai initial public offering (IPO), which was expected to be launched in December, the sources said.
China Coal announced in July that it planned to issue up to 1.525 billion A shares in Shanghai Stock Exchange to fund coal-related projects, joining a growing list of domestic firms to tap the country's buoyant stock market.
The sources said China Coal was awaiting approval from the China Securities Regulatory Commission for its Shanghai listing.
CICC was also one of the joint sponsors for the US$8.9 billion Shanghai IPO of China Coal's bigger rival, Shenhua Energy Corp. in early October.
The shares would be worth HK$33.7 billion (US$4.32 billion) based on China Coal's Hong Kong-listed share price of HK$22.1 by Wednesday's close.
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