China National Nuclear's water arm plans pre IPO fundraise

Breaking News 15 May

China National Nuclear's water arm plans pre IPO fundraise

The environment arm of China National Nuclear Corporation (CNNC) aims to raise more than CNY 2bn (USD 287m) prior to a planned initial public offering, according to two sources familiar.

They did not mention a timeline or whether the unit - China Nuclear New Energy Investment - has started discussions with potential investors.

The company intends to use the funds to expand by developing new projects as well as through acquisitions, the sources said, adding an IPO on the mainland is planned within the next five years.

China Nuclear New Energy owns water plants across China, including in the cities of Siping, Fushun, Shenyang, Yuayang, Liaoyang, Putian, Fuqing, Huai’an and Xuzhou. It also operates hazardous waste treatment and sludge treatment facilities in northeastern China.

The company had more than CNY 9.5bn of total assets as of the end of 2022.

CNNC and China Nuclear New Energy did not reply to requests for comment.

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