According to Bloomberg, China Shenhua Energy, the nation’s largest coal producer, plans to raise $8.9 billion to fund expansion in what would be the largest IPO in the world this year. The company is already listed in Hong Kong. The new shares will be sold in Shanghai where they can be purchased by the Chinese.
Coal sales at Shenhua, which has reserves second only to Peabody Energy Corp., the world’s biggest publicly traded coal producer, climbed 21 percent to 97.8 million tons in the first six months, Bloomberg writes.
The deal is probably only possible because the Shanghai market is up over 200% in the last year.
Large Chinese companies should raise money as quickly as they can. This won’t go on forever.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
