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A leading Chinese nuclear power company is set to become one of the country's largest domestic listings for five years when it floats on the Shanghai Stock Exchange later this year.
A quarter stake in Chinese National Nuclear Power Corporation will be sold to the public according to the initial public offering (IPO) prospectus which was filed to the exchange on Monday.
This will raise 13.4 billion yuan ($2.16 billion), most of which will go towards financing the construction of new power plants, according to the prospectus. Currently, the state-owned China National Nuclear Group holds a 97% stake.
The Wall Street Journal reported the launch is expected to happen on June 2. It will be the largest flotation in the domestic market since China Everbright Bank raised $2.6 billion in August 2010.
The news comes just as the Shanghai Composite hit a seven-year high after the National Development and Reform Commission, China's central planning agency, announced it was seeking private investment to help fund more than 1,000 future projects in order to stimulate growth.
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