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China's Largest Stock Company Emerges
China's largest iron and steel company will become China's largest listed company if it can raise 7.7 billion yuan (US$927 million) through stocks as expected.
Baoshan Stock Co. Ltd. issues late this month a totaled 1.9 billion A-share stocks with each share valued at 4.18 yuan (US$0.504).
The company was to offer 450 million shares, or about 24 percent of the total, through the Internet.
Baoshan Stock Co. Ltd. was launched early this year by Shanghai Baoshan Iron and Steel Group Company. Its assets were composed of whole assets invested in the first- and second-phase construction, which cost a total state investment of 20.5 billion yuan (US$2.5 billion), and a small portion of assets of the third-phase construction, which was funded by the company's capital it raised on its own.
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