Hainan Rubber Industry Group Co Ltd, a leading agricultural industrialization enterprise in China, has secured approval from the China Securities Regulatory Commission, the country's securities watchdog, to launch an initial public offering in Shanghai, sources reported.
In a statement filed with the Shanghai Stock Exchange, Hainan Rubber plans to raise RMB 1.33 billion through issuing up to 786 million A shares, and proceeds will be used to build its rubber plantation.
The company's share capital is 3.15 billion shares, of which 93.67% stake is held by Hainan State Farms Group Co Ltd. Sinochem International Corp<600500> and Youngor Group Co Ltd<600177> hold 4 million and 20 million shares, respectively.
CITIC Securities Co<600030> has been assigned as the major underwriter for the IPO.
Hainan Rubber Industry Group, the largest producer of natural rubber in China, has 3.53 million Mu of rubber plantation and shelter forest. In the first nine months of this year, the company realized a net profit of RMB 388 million, and the figure of last year was RMB 286 million. It strives to expand its production capacity to 500,000 tons in 2012.
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