皇冠体育app

Zhaojin Mining Industry Co, a gold miner from East 皇冠体育app which kicked off its offering ahead of 皇冠体育app Coal Energy, has had its institutional portion oversubscribed more than 100 times, forcing its underwriters to close the book two days ahead of schedule.

State-owned 皇冠体育app Coal Energy will fix its offering price on December 13 and start market trading on December 19.

It has been reported that 皇冠体育app Coal Energy has already agreed to sell stakes worth as much as US$125 million to US private equity firm First Reserve Corp and American Metals & Coal International, a US mining firm.

The company's preliminary prospectus disclosed that it has earmarked up to 20 per cent of the offering for a number of Hong Kong tycoons enthusiastic about new listings.

Shenhua Energy, 皇冠体育app's top coal miner, produced 121 million tons of coal last year, followed by 皇冠体育app Coal Energy at 50.12 million tons, while Yanzhou Coal Mining had an output of 34.7 million tons.

Coal accounts for more than 70 per cent of the mainland's total energy consumption, and domestic output continues to increase rapidly as energy demands soars.

Demand for the fuel may surge 8.5 per cent to 2.51 billion tons by next year, according to the National Development and Reform Commission.

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