Two Chinese coke makers ready for IPO

Two Chinese coke makers ready for IPO

Two major Chinese coking companies will launch their initial public offerings (IPO) on the Singapore Stock Exchange this week. The two companies, eastern China's Shandong province-based China Risun Coking Group and Hebei province-based China Coking Company, each hope to raise at least $20 million through the IPOs. Both companies produce coke for blast-furnaces and casting at steel mills. China Risun Coking has an annual capacity of 1.7 million metric tons, while China Coking has an annual capacity of 1.2 million metric tons. China Coking, hopes to use the money raised to partly fund a new methanol plant. China Risun expects to invest in capacity expansion. China Risun sells 90 percent of its production to steelmakers in Hebei, while China Coking sells most of its output to companies based in Shandong, Zhejiang and Jiangsu.