H-Shares Flat, Guodian Subsidiary Readies IPO
Hong Kong's Hang Seng Index rose 0.15% to close at 20,893.33, while trading volume reached HK$62.55 billion on Friday.
Shares of Yanzhou Coal Mining Company Limited (1171.HK, NYSE:YZC, 600188.SH) rose 2.31% on Friday, following its announcement Thursday that it had signed contracts to acquire 100% stake in Australia's Felix Resources (ASX:FLX) for AU$3.33 billion, or AU$16.95 per share. Lingbao Gold (3330.HK) grew 2.46% on Friday, while China Molybdenum (3993.HK) increased 1.43% and Zijin Mining Group (2899.HK, 601899.SH) gained 0.57%.
Wind power company China Longyuan Electric Power Group, a wholly owned subsidiary of state-owned power company China Guodian Corporation, is in the process of a Hong Kong listing, reports Shanghai Securities News quoting company General Engineer Yang Xiaosheng on Thursday.
Longyuan hopes to complete the IPO before late 2009, a company insider said.
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