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China's Major Refrigerator Producer Going Public
China's major refrigerator producer, the Qingdao Aucma Co. has been approved by authorities to start an initial public offering (IPO) of 90 million A shares before listing on the Shanghai Stock Exchange.
The company based in Qingdao city of Shandong Province in east China is offering its stocks at 9.10 yuan per share, and expects to raise 819 million yuan from the issuance.
After the issuance, the company will have a total of 341.04 million shares, of which, 73.61 percent will be untradable shares held by the state and legal persons, the remaining 26.39 percent will be held by the public, according to the prospectus available here Monday.
In a related development, the Fushun Special Steel Co. in northeast China's Liaoning Province is offering 120 million A shares at 5.50 yuan per share, the Tibet Summit Industrial Co. is offering 50 million A shares at 8.15 yuan per share, both being their IPOs.
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