On September 17, 2014, the IPO Review Committee of CSRC approved application of initial public offering of Shaanxi Heimao Coking Co., Ltd. (hereinafter referred to as “Heimao Coking”), for which attorneys Zhang Gang, Chen Lingling, Zhao Hongwei, Tian Yu and Liu Chengjun served as legal advisor.
Integrating business in coking, chemicals, power and building materials, Heimao Coking is the only pilot circular-economy enterprise in the coking sector endorsed by the provincial government. Its coking capacity and comprehensive utilization of coke-oven gas is expected to be among the top in China. As of June 30, 2014, Heimao Coking has RMB9,635,331,000 worth of assets and RMB6,870,371,700 worth of liabilities, leaving RMB2,764,959,300 in equity.
Heimao Coking is intended to issue 125,000,000 shares in the IPO at the Shanghai Stock Exchange. Following the IPO, the total issued shares of the company would reach 625,000,000. Proceeds would be used to fund a 4mln ton per year coking technology upgrading project of Shaanxi Longmen Coal Chemical Co., Ltd., a subsidiary of Heimao Coking. The project would involve RMB4,200,000,000 worth of investment, RMB1,198,500,000 of which would be raised via the IPO.
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