He Yini reports that one of the top two State-owned nuclear firms plans to raise as much as $13.4 billion yuan ($2.16 billion) in what is expected to be the largest domestic initial public offering in five years in China. China National Nuclear Power Corp is set to sell up to 3.89 billion new shares, or a quarter of its total, in the offering, according to its IPO prospectus filed with the Shanghai Stock Exchange on Monday. The offering is expected to launch on June 2. Media reports citing Dealogic data say the float is poised to be the largest in the domestic market since China Everbright Bank Co raised 21.7 billion yuan ($2.6 billion) in Shanghai in August 2010.
Operators controlled by the nuclear power giant, in which China National Nuclear Group holds a 97 percent stake, generate as much as 40 percent of the total nuclear energy in China. Including issuance-related fees, the firm will raise up to 16.3 billion yuan, media reports said. According to the prospectus, the company will allocate 4.18 billion yuan of the raised capital to replenish its holdings of cash and will invest the rest in construction projects in Fujian, Zhejiang, Hainan and Jiangsu provinces. Citic Securities, UBS AG and China Securities are the underwriters for the deal.The country suspended the approval of nuclear-power plants due to safety concerns after the Fukushima nuclear plant damage caused by tsunamis in 2011, but the industry has since received fresh impetus after Beijing stepped up efforts to reduce its reliance on coal.
Original now 404 URL: http://global.chinadaily.com.cn/business/2015-05/26/content_20824354.htm
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