China General Nuclear Power appoints two banks for US$2b IPO

China General Nuclear Power Group, the nation's biggest nuclear energy company by installed capacity, has picked China International Capital Corp and Deutsche Bank to arrange an initial public offering in Hong Kong, two sources said.

The Shenzhen-based firm planned to seek about US$2 billion from the share sale in the second half of this year, they said.

General Nuclear might consider selling shares in the mainland's domestic stock market after the Hong Kong listing, one source said.

Beijing-based rival China National Nuclear Corp had prepared for a Shanghai initial public offering in 2012 but the flotation has not been realised.

General Nuclear is seeking funds to expand as the mainland seeks to curb coal consumption in favour of cleaner energy to fight air pollution.

The mainland planned to add 8.6 gigawatts of nuclear power capacity this year, the National Energy Administration said last month. That is almost equal to Britain's yearly nuclear power capacity.