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.