CNNC Granted Approval to Sell 3.65 Billion Shares to Raise Funds for China Nuclear Push

Bloomberg reported that China National Nuclear Corp. (CNNC) has received approval from the country’s stock market regulator to sell 3.65 billion shares in Shanghai to raise $2.6 billion with a plan to boost nuclear generation and cut pollution.

As quoted in the market news:

The Beijing-based company was asked to clarify some issues including its investment in an inland nuclear plant in Hunan province that hasn’t received the central government approval to start construction, the China Securities Regulatory Commission said on its website, without giving a date. CNNC plans to issue 3.65 billion new shares to raise about 16.3 billion yuan ($2.6 billion), it said earlier.

CNNC would be the second Chinese nuclear company to list after CGN Power Co., China’s biggest nuclear power operator. The listings are an indication of China’s ambition to install as much as 58 gigawatts of nuclear power by the end of this decade and start construction of an additional 30 gigawatts by 2020. CGN listed in Hong Kong in December.

Click here to read the full Bloomberg report.