Inner Mongolia Yitai Coal, one of the biggest coal producers on the mainland, plans to raise up to US$1.5 billion from an initial public offering in Hong Kong this year, making it the country's first B-share company to issue H shares.
The company said on Thursday it had received approval from the China Securities Regulatory Commission, but has yet to get clearance from the Hong Kong stock exchange.
It first applied for permission from the CSRC in May 2010, and filed applications with the Hong Kong exchange in June 2010, and in January and August last year, renewing the application every six months when it expired.
Yitai Coal plans to issue up to 297 million H shares, including an oversubscription quota of 38.8 million shares, to raise between US$1 billion and US$1.5 billion.
BNP Paribas, mainland investment bank China International Capital Corp, BOC International and UBS are involved in the share offering.
Yitai Coal already lists B shares on the mainland, after it was spun off by state-owned Inner Mongolia Yitai Group on the Shanghai stock market to raise 520 million yuan (HK$640 million).
B shares are issued by mainland companies and traded on the Shanghai and Shenzhen stock exchanges in foreign currencies such as US or Hong Kong dollars.