CSCEC may be 1st to launch IPO under new rules
China State Construction Engineering Corp (CSCEC), the country's largest civil engineering company, is likely to be among the first batch of firms to issue new shares under the new IPO guidelines that took effect on Thursday, the China Daily reported, citing analysts as saying.
The share offering, which will be the fifth largest IPO in mainland China so far, may take place later this month. CSCEC is expected to sell 12 billion A-shares to raise around RMB 40 billion, according to its pre-release prospectus.
The prospectus also said that the proceeds will be used for big construction projects, infrastructure investments, commercial housing development and machinery equipment purchases.
The state-owned company, whose net profit soared 103.9% from a year earlier to RMB 4.92 billion in 2007, will assign China International Capital Corp (CIC) as the lead underwriter for the share offering, according to the prospectus.
Last June, the Beijing-based company obtained approval from the China Securities Regulatory Commission (CSRC), the nation's securities regulator, to float shares on the Shanghai Stock Exchange, but the plan was halted owing to the slump stock market.
CSCEC's projects have included infrastructure work on Disneyland in Hong Kong, the building of a rocket testing facility at the Shenzhou Space Center, and construction work on the Shanghai World Financial Center, one of the world's tallest buildings.
A total of 32 companies are waiting to launch A-share listings, expecting to sell more than 14 billion shares in total.
|
|
|
|
