国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Coal producer looks to IPOs in Shanghai, HK
By Xie Ye (China Daily)
Updated: 2004-11-17 08:47

Shenhua Group, China's largest coal producer, plans to raise up to 20 billion yuan (US$2.4 billion) through initial public offerings (IPOs) on the Shanghai and Hong Kong stock markets.

The proceeds will be used to expand the capacity of its existing coal mines, ports and power plants, as well as to build new ones, according to sources.

The listing is likely to take place next year, but a specific timetable has not been finalized, they said.

Earlier this month, Shenhua completed an asset reshuffle and set up a shareholding company, China Shenhua Energy Co Ltd, as its listing arm.

The spin-off company incorporated most of Shenhua's core assets, including 13 subsidiaries that are involved in the coal, power, railway and port sectors.

China Shenhua Energy boasts assets of more than 90 billion yuan (US$9.7 billion) and liabilities of over 60 billion yuan (US$6.5 billion).

The assets, however, do not include the 60 billion yuan (US$7.3 billion) coal liquefication project in the northern Inner Mongolia Autonomous Region.

The project, which will produce oil products by processing coal, is not expected to bring significant profits due to huge production costs.

"The company is pushing through the listing work and hopes to raise up to 20 billion yuan through the dual listing," said one source, who declined to be identified.

Some insiders say Shenhua is also considering listing on the New York and London markets after the dual listing goes through, if the conditions are right.

The company has picked up Deutsche Bank and Merrill Lynch as the underwriters. China International Capital Corp will be the IPO consultant.

Shenhua's spokesman refused to comment about the matter.

Zhang Wenxian, an analyst with Guotai Jun'an Securities (Hong Kong), said Shenhua's listing would be an attractive proposition.

"The time is favourable given the current coal price hikes," said Zhang. "The subscription would be very active."

China's coal prices have surged by more than 50 per cent this year due to robust demand for power.

On the back of the surge, key State-owned coal enterprises posted year-on-year profits of more than 160 per cent in the first three quarters of 2004.

Shenhua is the fifth-largest coal producer in the world. The company produced more than 100 million tons last year.

It is ambitiously attempting to become a flagship energy conglomerate in China.

According to the company's blueprint, Shenhua wants to increase its annual output capacity to more than 200 million tons by 2010.

It also wants to control a power generating capacity of 20 million kilowatts and produce 10 million tons of oil products from its coal liquefication projects.

In another development, Shenhua signed an agreement with Royal Dutch/Shell and Ningxia Coal Industry Co Ltd on Monday to work together to develop liquid fuel from coal.

Shenhua plans to invest 30 billion yuan (US$3.6 billion) to build a coal liquefaction plant in western China's Shaanxi Province, with a first-phase output of 3 million tons, according to a Shell statement.

Close