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CSRC oks CITIC Heavy Industries' SH IPO

Apr. 2, 2012 (China Knowledge) - The China Securities Regulatory Commission, the country's securities watchdog, announced Friday that it had granted approval to the listing application of CITIC Heavy Industries Co Ltd (CITIC HIC) .

CITIC HIC, a unit of CITIC Group Corp, said earlier that it plans to launch an initial public offering on the Shanghai Stock Exchange.

The company intends to issue 685 million A shares, equivalent to 25% of its enlarged share capital.

CITIC Securities Co<600030><6030> and Zhong De Securities have been hired as joint lead underwriters for the deal.

The IPO of CITIC HIC is expected to become the largest one on the Chinese stock market so far this year. The company said earlier that RMB 4.13 billon of proceeds from the offering will be used to fund projects for new energy and energy-efficient equipment.

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