28 July 2003 – The Chinese Securities Regulatory Commission has approved a plan by China Yangtze Power Corp. to launch an initial public offering at domestic equity markets this year.
“We have received approval from the China Securities Regulatory Commission to launch the IPO, but details are still in discussion,” an official told the Dow Jones news agency.
CYPC, an offshoot of China Yangtze River Three Gorges Project Development Corp., is now co-ordinating with the commission to finalize the technical issues, such as the launching date of the IPO.
The company is looking to raise 4bn yuan ($483m) as part of the company’s overall plan to raise CNY40 bn over ten years. Proceeds from the IPO will be used to purchase Three Gorges’ power generating units in China, he said.