October 08, 2008

Coal\'s Shanghai IPO draws USD 433 billion

It is reported that China Coal Energy Co attracted CNY 3.12 trillion (USD 433 billion) of subscriptions to its Shanghai IPO, a shade smaller than record CNY 3.38 trillion drawn by construction giant China Railway Group in its Shanghai IPO in November 2007.

China’s second biggest coal miner drew huge demand for its initial public offer of A shares despite a plunging Shanghai stock market, which has been hurt this month by sliding foreign markets, tighter monetary policy and big supplies of new equity.