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Updated Monday, October 8, 2007 0:00 am TWN, Bloomberg

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China Shenhua to start trading in Shanghai

HONG KONG -- China Shenhua Energy Co., the country’s largest coal producer, will begin trading in Shanghai on Oct. 9, following the largest share sale worldwide this year. The Shanghai shares will have the ticker 601088.

The miner raised 66.6 billion yuan (US$8.9 billion) in the sale, it said in a Hong Kong stock exchange statement Sunday. The Beijing-based company sold 1.8 billion shares at 36.99 yuan each.

Shenhua’s sale surpassed the US$8 billion raised by Russia’s VTB Group in May, providing funds to make acquisitions and increase output as China’s coal supply fails to keep pace with demand.

The company’s Hong Kong-listed shares have soared sixfold from their June 2005 sale price. They have surged 140 percent this year, outperforming the 39 percent gain in the benchmark Hang Seng index.

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