Shaanxi Coal cuts IPO size by 59% to 4 billion yuan
Shaanxi Coal Industry Co Ltd, China’s third-largest coal producer, cut its initial public offering by 59 percent to 4 billion yuan ($661 million). It will sell 1 billion A-shares at 4 yuan apiece in Shanghai, the Xi’an, Shaanxi province-based company said on Thursday in a statement. That’s down from the 9.83 billion yuan it estimated on Jan 8 and compares with an IPO target of 17.2 billion yuan announced in 2011. “The market sentiment for the entire coal sector is pretty poor,” Helen Lau, a Hong Kong-based analyst at UOB Kay Hian Ltd said on Thursday. industries, many of which are facing a tougher business environment. A joint statement issued by nine government departments outlined broadly how smaller firms would be assisted, but did not give specifics on what kind of lending help will be extended. Among the bodies issuing the statement was the China Banking Regulatory Commission and the Ministry of Industry and Information Technology. totaled $7 billion, up 17.3 percent, and import volume hit $7.33 billion, up 8.1 percent. The capital’s foreign trade deficit was $330 million. According to Shenyang Customs, Shenyang’s foreign trade growth was 2.6 percentage points higher than that of Liaoning province.