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Nuclear Companies Seek Unprecedented Listing

China National Nuclear Corporation (CNNC) and China General Nuclear Power Group (CGN), two state-owned heavyweights which control more than 90 percent of the nuclear power plants in China, are both outlining plans to raise funds from the capital market in initial public offerings (IPOs) in 2014.

On the evening of May 4, the China Securities Regulatory Commission (CSRC) published the prospectus of China National Nuclear Power (CNNP), a unit of CNNC, on the CSRC’s official website. CNNC owns 97 percent of the shares of CNNP, whose principal assets include all of the nuclear power projects under the group, a specialized nuclear operating company, and an energy company. CNNP aims to raise up to 16.2 billion yuan by listing on Shanghai’s A-shares market this year. This will likely become China’s largest domestic IPO since China Everbright Bank (601818.SH) raised 21.7 billion yuan in Aug. 2010.

Issue 394
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