Shaanxi Coal Industry Co. Ltd (601225.CN) has reduced the size of its initial public offering on the advice of the securities regulator, the 21st Century Business Herald reported Thursday, citing the company’s prospectus. The coal producer is planning to issue one billion shares in the A-share market to raise 9.83 billion yuan (US$1.6 billion), down 43 percent from its original target of 17.25 billion yuan in 2011, the paper said. The company will allocate 500 million shares to strategic investors in a bid to stabilize the share price. Shaanxi Coal is scheduled to finalize the IPO price on Jan. 16 and start to selling shares online on Jan. 17, according to the report.
– Contact HKEJ at [email protected]