China Nuclear Engineering Co. plans IPO

China Nuclear Engineering Co. Ltd.(CNEC), the country’s leading nuclear project builder, is planning an initial public offering (IPO) to support its nuclear power projects.

The company plans to issue 525 million A-shares on the Shanghai Stock Exchange, raising 1.8 billion yuan (286 million U.S. dollars) to fund six projects, the Ministry of Environmental Protection said in a statement on Thursday.

The ministry has conducted environmental inspections of CNEC’s 10 subsidiaries and found no violations, the statement said.

The IPO would be China’s second nuclear-related IPO since the 2011 nuclear accident in Japan.

China National Nuclear Power Co., another leading nuclear energy developer, launched its IPO in June.

Formed in December 2010, CNEC has carried on 80 percent of the assets of its parent company, the state-owned China Nuclear Engineering Group.

It first filed an IPO application to securities authorities in early 2011, but the request was shelved due to the impact of the Japanese nuclear accident.

Xinhua