USD 64.2548

-0.11

EUR 70.8473

-0.08

BRENT 58.78

-0.06

AI-92 42.16

+0.05

AI-95 45.93

+0.05

AI-98 51.82

-0.03

Diesel 46.15

+0.11

18

Two Chinese Giants Ready for IPOs

Capital on American and Hong Kong markets sought...

The largest air carrier and the largest coal producer in China are scheduling initial public offerings in the United States and Hong Kong this year. Air China is said to be seeking international strategic investors including Cathay Pacific, Singapore Airlines and Lufthansa in advance of an IPO for as much as US $500 million.

Separately, the mainland's largest coal producer Shenhua Group plans to raise 16.5 billion yuan (HK$ 15.54 billion) from an overseas IPO in Hong Kong and New York by the end of this year.

Air China is understood to be planning to sell 30 per cent of its share capital to investors during the second quarter. It is still awaiting approval from the State Council for the planned share sale.