Regulator approves 24 IPO applications

    CHINA’S security regulator approved domestic initial public offering (IPO) applications from 24 firms, according to a statement on its official Weibo microblog account Tuesday.

    The firms will be permitted to list on the Shanghai or Shenzhen stock exchanges, according to the statement. The group of firms included Guotai Junan Securities, whose approval to list on the Shanghai bourse was first announced June 3.

    BOC extends credit line to aircraft leasing unit

    BOC Aviation Ltd., the aircraft leasing unit of Bank of China Ltd. (BOC), said yesterday its parent has extended a revolving credit facility worth US$2 billion to 2022.

    The credit facility merges two existing credit facilities of US$1 billion each that were maturing in December 2017 and April 2019, BOC Aviation said in a statement. Singapore-based BOC Aviation owns or controls 251 aircraft operated by 60 global airlines and has commitments to acquire 196 more jets, according to the statement.

    Far East Horizon to sell assets to CITIC

    FAR East Horizon Ltd. will sell certain finance lease assets to CITIC Securities Co. for 3.4 billion yuan (US$548 million).

    The firm, which provides finance and leasing services in China, said yesterday the disposal would allow it to realize future revenue in advance and provide funds for the development of new projects. It will book a net gain of 30.7 million yuan from the deal.

    CNNPC shares jump in Shanghai trading debut

    SHARES in China National Nuclear Power Co. (CNNPC) jumped at the opening of their Shanghai trading debut yesterday after raising US$2.1 billion in the country’s largest initial public offering (IPO) since 2011.

    Shares of CNNPC, a unit of one of the country’s two nuclear reactor builders, opened at 4.88 yuan, up a maximum-allowed 44 percent from their IPO price of 3.39 yuan. The company raised 13.19 billion yuan (US$2.13 billion) in its IPO. In a reflection of strong demand, it attracted US$273 billion in total bids from investors. The firm had been planning an IPO since 2012 and will use some of the proceeds to fund the construction of the world’s first Westinghouse AP1000 reactor, which has been repeatedly delayed. The raised funds will also help CNNPC with a domestic reactor building program, which it hopes will be a springboard into the international market.