May 22, 2015 / 11:45 AM / 4 years ago

China approves China National Nuclear Power Corp IPO

BEIJING, May 22 (Reuters) - China approved the initial public offering of China National Nuclear Power Corp (CNNPC), one of the country’s two state nuclear reactor builders, the securities regulator said in a statement on its official Weibo feed.

According to the company’s prospectus, which was filed on May 4 last year, CNNPC is a unit of state-owned nuclear developer CNNC Group, and invests, builds and operates domestic nuclear power plants. It has 12 subsidiaries in different regions.

The company would sell about 25 percent of its shareholding, raising 16.25 billion yuan, to build four new nuclear power projects, according to the prospectus.

The nuclear firm’s approval was one of 23 companies to receive the go-ahead to list on Friday, according to the China Securities and Regulatory Commission.

Reporting by Wang Lei; Editing by Pravin Char

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