China's largest nuclear power company filed for a $2 billion initial public offering in Hong Kong last week.
Filing documents for China General Nuclear Group reported by Dow Jones and Agence France Presse did not indicate when the IPO might take place. Sponsoring the listing are Bank of America, China International Capital Corp. and China's ABC International. CNG reported profits of $814 million in 2013, an increase of 2 percent over the previous year. Its stock's public debut still must be approved by financial regulators.
CGN formed under state control in 1994 as China Guangdong Nuclear Power Group. As of this spring, it had installed nuclear generating capacity of 11,620 megawatts, with another 13 reactors with a capacity of 15,500 megawatts under construction, according to the company's website. It is the largest nuclear power player China, a country that is far and away the leader in civilian nuclear development with 27 reactors currently under construction, according to the World Nuclear Association.