China Knowledge reported that Inner Mongolia Yitai Coal Co is planning an initial public offering on the Hong Kong Stock Exchange, becoming the latest coal miner to choose Hong Kong as the fundraising destination.

Inner Mongolia-based Yitai Coal plans to raise USD 1 billion to USD 2 billion in an IPO in the fourth quarter of this year. The shares to be issued will account for more than 15% of the enlarged share capital. UBS AG, BOC International Holdings Ltd, China International Capital Corp and BNP Paribas SA are arranging the issuance.

As of the end of March, Inner Mongolia Yitai Coal total assets were CNY 23.12 billion.

In addition, Mongolia based Mongolian Mining Corp a coking coal producer formerly known as Energy Resources is seeking to raise around USD 700 million in a listing on the HKEx. Mongolian Mining's IPO will be the latest move in Hong Kong by a company based in Mongolia.

(Sourced from China Knowledge)