Chinese State-owned energy company CGN Power Co is planning to raise 15 billion yuan ($2.29 billion) in an initial public offering on the Chinese A-share market, according to filings.
CGN Power, which is a unit of China's nuclear power giant China General Nuclear Power Group (CGN), is applying to be listed on the Shenzhen Stock Exchange, the Securities Daily newspaper reported on Tuesday, citing an application from the company to Chinese regulators.
The company is raising the funds by issuing 5.05 billion shares on the A-share market for several nuclear projects within the country, according to the report, which did not reveal a specific timeline for the company's IPO issuance.
CGN Power has already been listed on the Hong Kong Stock Exchange (HKSE). In a filing to the HKSE on Friday, the company said that the China Securities Regulatory Commission has accepted its application materials for the A-share offering but the plan is still subject to regulatory approval.
