China’s state-owned nuclear energy companies are preparing for initial public offerings to raise billions of dollars to help fund reactor construction projects, the Wall Street Journal reported Wednesday. China General Nuclear Power Corp., the country’s biggest nuclear energy operator by installed capacity, seeks about US$2 billion from a Hong Kong IPO in the third quarter of this year, the report said, citing people with direct knowledge of the deal. It has hired China International Capital Corp. and Deutsche Bank AG to handle the listing, and proceeds will be used to expand its power projects, the sources were quoted as saying. Meanwhile, National Nuclear Corp. wants to list in Shanghai and has hired Citic Securities Co. Ltd. (600030.CN) and UBS AG, the report said, citing information on the China Securities Regulatory Commission website. Although the company has not revealed its IPO target, it had said earlier that proceeeds of the fund-raising exercise would be allocated to five projects requiring a combined investment of 173.5 billion yuan (US$28.3 billion).
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