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China coal miner Shenhua's Shanghai IPO raises US$8.9 billion, record for mainland sale
Published in Saudi Press Agency on 27 - 09 - 2007


China Shenhua Energy Co., the
country's biggest coal miner, has raised 66.6 billion yuan
(US$8.9 billion; ¤6.3 billion) in its Shanghai initial
public offering, a record for a mainland IPO, according to AP.
The 1.8 billion yuan-denominated shares were priced at
36.99 yuan (US$4.92; ¤3.48) each, the top of their
indicative range, Shenhua said in a notice issued late
Wednesday. The shares constitute 9 percent of Shenhua's
capital.
The IPO topped China Construction Bank's share offering
earlier this week as the largest ever on a mainland Chinese
bourse. The Construction Bank, which began trading on
Tuesday in Shanghai, raised 58.05 billion yuan (US$7.7
billion; ¤5.6 billion).
The world's biggest IPO ever was Industrial & Commercial
Bank of China's $21.9 billion offering in October 2006 that
sold shares simultaneously in Hong Kong and Shanghai.
Shenhua already has shares traded in Hong Kong. The
Shanghai IPO is due to begin trading on Oct. 9, one of a
slew of planned share offerings by premier state-owned
companies that also include oil and gas giant PetroChina
Co. and telecoms operator China Mobile.
Shenhua's shares also attracted a record sum of
subscriptions _ 2.67 trillion yuan (US$355.3 billion;¤252
billion) _ trumping the Construction Bank's record 2.26
trillion yuan in subscriptions.
China's yuan-denominated shares are generally off-limits
to foreign investors except those buying through so-called
qualified foreign institutional investors. But the zeal of
domestic investors for shares in top-name companies has
helped double the benchmark Shanghai Composite Index since
the beginning of the year.
Mainland Chinese IPOs have raised a record US$40.5 billion
(¤28.7 billion) so far this year, surpassing the US$21.1
billion for all of 2006, according to data provider Thomson
Financial.
Beijing-based Shenhua owns coal mines, railways, ports and
power plants. Most of its mining operations are in northern
China's Inner Mongolia.
It already has shares traded on the Hong Kong Stock
Exchange, where Shenhua's shares fell 0.9 percent Thursday
to 45.40 Hong Kong dollars (US$5.82;¤4.12).
Shenhua Group, the mainland-based parent company of
Shenhua Energy, sold 240 million tons of coal in 2006 and
projects sales for 2007 at 260-270 million tons.
The company reported that its net profit rose 20 percent
in the first half of the year over Jan.-June 2006, to 10.3
billion yuan (US$1.4 billion;¤990 million).


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