Anhui Conch goes smoothly in A-share issue

Anhui Conch Cement (0914) deputy general manager Guo Jingbin said that the company went smoothly in the issue of A-share and was scheduled to conduct IPO from late July to early August. The proposal of 10% reduction of state-owned shares issue has got the approval from the China Ministry of Finance. The company originally planned to raise HK$1.2 bln in A-share market and the HK$120 mln, which comes from the 10% reduction of state share issue, would be collected to the Government as the social guarantee funds, Xin Pao Daily reported. Market sources pointed out that the price/earnings ratio of the A-share issue would not be lower than 30 times and the issue price would not be less than HK$5.8.

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