Sichuan Expressway, a Hong Kong-listed toll-road operator, is set to become the first to launch an initial public offering on the Shanghai exchange after a nine-month ban, paving the way for more mainland firms to return to the domestic bourse.
The company that plans to float 500 million A shares to raise 1.4 billion yuan (HK$1.59 billion) is expected to obtain approval from the China Securities Regulatory Commission soon, Chen Hua, an official with China Galaxy Securities, the operator's underwriter, said yesterday.
'We haven't received the go-ahead to start IPO sales yet,' he said.
'But we believe it will take place very soon.'
Sichuan Expressway will also emerge as the first major flotation on the exchange after the CSRC resumed new share offers last month.
Reuters reported yesterday that the regulator had signed the final approval for Sichuan Expressway to float shares. A company official declined to comment.