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Hubei Energy plans A-share IPO this year

(Agencies)
Updated: 2008-04-16 14:32

Hubei Energy Group, in which China Yangtze Power holds a 45 percent stake, plans to list on the mainland stock market to raise around 3.6 billion yuan ($514.21 million), the official Shanghai Securities News reported.

Xiao Hongjiang, general manager of Hubei Energy, was quoted as saying that the company will submit the A-share issue application to the China Securities Regulatory Commission for review and try to launch IPO before the end of this year.

Proceeds raised would be used to fund a nuclear power project and a hydropower station, Xiao said.

Hubei Energy is in talks with China Guangdong Nuclear Power Corp to jointly build the Dafan nuclear power station in Xianning in the central province of Hubei.

Hubei Energy will take a 40 percent equity interest in the Dafan nuclear station, which involves a total investment of around 23 billion yuan.

Phase I of the nuclear project has an installed capacity of 2 million kilowatts, which is slated to start construction in 2010, he said.

Hubei Energy is expected to generate over 10 billion kWh of electricity this year with net profit projected to reach 800 million yuan, Xiao added.