Mar. 27, 2012 (China Knowledge) - CITIC Heavy Industries Co Ltd (CITIC HIC), the largest mining machinery manufacturer and one of the largest heavy machinery manufacturers in China, announced yesterday that it plans to launch an initial public offering on the Shanghai Stock Exchange
CITIC HIC, a unit of CITIC Group Corp, said that it plans to issue 685 million A shares, equivalent to 25% of its enlarged share capital.
The company did not disclose its fund-raising target in the deal but said that RMB 4.13 billon of proceeds from the offering will be used to fund projects for new energy and energy-efficient equipment.
CITIC Securities Co<600030
><6030> and Zhong De Securities have been hired as joint lead underwriters for the deal.
The China Securities Regulatory Commission
, the country's securities watchdog, said yesterday that it will review the listing application of CITIC HIC on Mar. 30.