Shanghai Baosteel Group Corporation (Baosteel) has launched the
first-phase preparation for its overseas listing plan, the
Shanghai Securities Journal reported Thursday, quoting
sources from Baosteel.
The sources said the pre-listing process will take a long time
since the company has to deal with a huge amount of financial and
other relevant preparations.
There have been reports recently that Baosteel is preparing to
list its core iron and steel assets on the New York Stock Exchange
in November.
To pave the way for the listing, Baosteel has begun to look for
law and accounting firms to help it meet the requirements for
listing on American bourses.
Some investment bankers seeking for cooperation with Baosteel
said, like other Chinese listed companies, Baosteel will probably
make an IPO simultaneously on the Hong Kong and the New York stock
exchanges.
A Baosteel official emphasized that the company has planned to
list overseas since 2002 and the preparation has been undertaking
continuously.
Baosteel is one of the most profitable steel enterprises in the
world with an annual production capacity of 20 million tons. It
ranked 296th on the 2006 list of Fortune 500.
(Xinhua News Agency January 12, 2007)