CGN Power to raise 15 bln yuan in A-share IPO

Source: Xinhua | 2019-08-05

CGN Power, an operator of nuclear power stations in China, plans to raise 15 billion yuan (about 2.16 billion U.S. dollars) through an initial public offering (IPO) on the A-share market, according to the company's prospectus.
The company, which has gained approval for the listing, will issue no more than 5.049 billion shares on the Shenzhen Stock Exchange.
This will be the biggest IPO on the A-share market so far this year.
CGN Power said the money raised will be mainly used to fund nuclear power projects in Yangjiang city and Fangchenggang city.
Earlier data showed in the first quarter of 2019, the corporation made 3.94 billion yuan of net profit, up 7.31 percent year on year.