It is reported that Beijing Jiayuan Law Firm has the lead role on the proposed USD 2.7 billion Shanghai initial public offering of Chinese state owned Shaanxi Coal Industry.

According to the company preliminary prospectus, Shaanxi Coal intends to issue up to 2 billion shares in the offering. The proceeds will be used to fund its mining business and replenish working capital.

According to Reuters a successful listing would make Shaanxi Coal China third largest publicly traded coal mining company by output. The company competes with its two larger state owned enterprises, China Shenhua Energy Co Ltd and China Coal Energy Co Ltd.

If successful, the Shaanxi Coal IPO would be mainland China largest so far this year edging out the USD 2.5 billion debut in July of state owned construction and engineering group Sinohydro Group Ltd. Jiayuan which has 73 lawyers also advised the issuer on that deal.

Jiayuan partners Yan Yu and Zhang Wen are lead counsels on the planned Shaanxi Coal IPO.

(Sourced from amlawdaily.typepad.com)