Baosteel: No date on foreign listing
By Bian Yi (China Daily)Updated: 2007-02-27 09:19
Baosteel Group Corp, China's biggest steel producer, said
yesterday it has not finalized an overseas listing plan.
"We haven't planned a timetable or a place for an overseas listing,"Wang Chengran, head of asset management at Baosteel, was quoted by Bloomberg as saying, refuting another media report.
Baosteel is planning an overseas listing in America by issuing American depositary receipts, reported Shanghai-based China Business News yesterday, citing unidentified sources.
But the amount of capital the steelmaker intends to raise and its share price has not been finalized, the report said.
Cheng Ying, board secretary and chief financial officer at Baoshan Iron & Steel Co, Baosteel's Shanghai-listed arm, said she is not aware of the listing plan.
American depositary receipts, typically known as ADRs, represent stock in overseas companies and are traded in the United States.
They enable holders to buy stakes in companies without the need to trade on an overseas exchange.
Xie Qihua, Baosteel's former chairwoman, revealed late last year that Baosteel was mulling over an overseas listing. Xie said then that Baosteel would consider asking Japan's Nippon Steel, the world's second-largest steelmaker and South Korea's Posco, the world's third-largest steelmaker, to buy its stock should it sell stock overseas.
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