Top China nuclear power firm to launch dual IPOs in Shanghai, HK next year: paper

SHANGHAI Sun Jul 28, 2013 8:36pm EDT

SHANGHAI (Reuters) - China Guangdong Nuclear Power Corp (CGNPC), the country's top nuclear power station builder, plans to launch dual initial public offerings (IPO) in Shanghai and Hong Kong next year, hoping to raise at least 20 billion yuan ($3.3 billion), the official Shanghai Securities News said on Monday.

The report comes as signs emerge that an unofficial freeze on initial public offerings in mainland China might be thawing.

CGNPC plans to list part of its assets in Shanghai and part in Hong Kong but is yet to work out all the details, the newspaper quoted the company's chief accountant as telling Hong Kong media.

State-run CGNPC is the only nuclear power firm under the direct management of China's State Council, or the cabinet, with operational installed nuclear power capacity of 7.21 million kilowatts -- 53 percent of China's total -- by the end of April, according to reports in state media.

Nuclear power capacity under construction stood at 17.75 kilowatts by the end of April, accounting for about a quarter of the world's total, according to the report.

According to state media reports, the firm's total assets are around 300 billion yuan and are expected to expand to 450 billion yuan in 2015 and 1 trillion yuan by 2020.

($1= 6.1316 Yuan)

(Reporting by Lu Jianxin and Pete Sweeney; Editing by Joseph Radford)

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