March 4, 2010 / 11:57 PM / 9 years ago

China's Chongqing Water to launch mainland IPO

SHANGHAI, March 5 (Reuters) - China’s Chongqing Water Group Co said on Friday it would launch an initial public offering of 500 million yuan-denominated A shares to raise funds for projects requiring about 2 billion yuan ($293 million) in investment.

The company, which aims to use the funds to build nine waste water treatment plants and six water supply facilities, will set the IPO price range on March 12.

China has stepped up the supply of new shares to its markets in recent months, including increased approvals of IPOs, in part to help prevent prices from overheating after fears mounted that a surge in bank lending may fuel the formation of asset price bubbles. ($1=6.825 Yuan) (Reporting by Fang Yan and Edmund Klamann; Editing by Jonathan Hopfner)

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