China Coal launches IPO

ANOTHER Chinese coal company is going public with China Coal Energy starting its initial public offering in Hong Kong this week to raise $US1.7 billion towards expanding its coal output.

Angie Tomlinson

China Coal Energy is China’s second largest coal company by revenue.

The company will sell 3.25 billion shares and is hoping to use 65% of the proceeds to increase production and pay off bank loans, China Daily reported.

Already this year Chinese coal miners Yanzhou Coal Mining and Shenhua Energy have listed on the Hong Kong Stock Exchange.