Mainland coal operator China Qinfa Group is expected to raise about US$100 million in an initial public offering of shares in Hong Kong, Ming Pao daily news reported on Tuesday, citing sources.
China Qinfa, whose clients include Huaneng Power, has a gross profit margin of about 13 percent and ICBC International is the sponsor of the deal, the newspaper said.
It gave no further details.
Set up in 1996, China Qinfa is involved in purchasing, filtering, blending, storage, transportation, sales and shipping of coal in the mainland with coal trading volume exceeding 8 million tonnes in 2007, according to the company's website.
Source: Reuters
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