China National Nuclear to raise $2.6B in IPO

|By:, SA News Editor

China National Nuclear Power Co. plans to raise up to 16.3B yuan ($2.6B) in an IPO to fund nuclear power projects, as the country pushes nuclear energy and renewables to combat greenhouse gas emissions and pollution.

The state-owned company proposes to sell up to 3.65B new shares, or 25% of its enlarged capital, ahead of a listing on the Shanghai Stock Exchange; the proceeds would help finance four nuclear power projects in Fujian, Zhejiang, Hainan and Jiangsu provinces.

China is starting up its 19th nuclear reactor as it pushes to more than double expansion of atomic power generation capacity this year, which may boost demand for imported uranium.

ETFs: URA, NLR, NUCL.