Reuters reports that the Chinese state-owned nuclear company CGN Power Co Ltd announced that it plans to raise up to $794 million in a domestic listing on the Shenzhen stock exchange. The firm said in a Hong Kong stock exchange filing it plans to offer no more than 5,049,861,100 new shares at 1 yuan ($0.16) per piece for the listing and will use the proceeds for the construction of nuclear power units and for working capital.
CGN Power said its Shenzhen listing plan has received approval from the company’s board but is still subject to approval from shareholders and regulatory authorities including the China Securities Regulatory Commission. Shenzhen-based CGN Power has a current market cap of around $12 billion. (Reporting by Kane Wu; Editing by Andrew Heavens)