Sources told Bloomberg that Inner Mongolia Sanwei Resources Group Co had filed for an IPO in Hong Kong. The initial public offering of the Chinese coal, silicon and magnesium producer would be worth USD 200 million. The sources spoke on the condition of anonymity as they were not authorized to divulge the matter publicly. Inner Mongolia Sanwei Resources Group is based in Ordos, a city located close to the China's border with Mongolia.
The sources revealed that the BOC International Holdings Ltd, BNP Paribas SA, Credit Suisse Group and Morgan Stanley would be managing the offering. The initial public offering could possibly start the share sale within the year, the sources said. Bloomberg called the head office of Inner Mongolia Sanwei about the IPO but the calls were not answered.
Bloomberg data showed shares of Inner Mongolia Sanwei Resources dropped 29% as a result of the slump in coal prices. Another coal company, Inner Mongolia Yitai Coal Co, was able to raise USD 903 million in July last year through a share sale in Hong Kong.
Join the Conversation