Shaanxi Coal cuts IPO size by 59% to 4 bil­lion yuan

China Daily (Canada) - - BUSINESS -

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.