Tuesday, 22 July 2014 15:06
China General Nuclear Power Group (CGN) plans to appoint ABCI Securities Co., Bank of America Corp. and China International Capital Corp. as joint sponsors for an initial public offering in Hong Kong, Bloomberg has reported.
CGN, the country’s biggest producer of nuclear energy, plans to file an application to the Hong Kong Stock Exchange in the next few months, and may seek about $2 billion from the offering. Formerly known as China Guangdong Nuclear Power Group, CGN is said to be raising money to expand as the Chinese government limits coal use in favor of cleaner energy. China plans to add 8.6 GW of nuclear power capacity this year, according to the country’s National Energy Administration.