China securities authority approves IPO of nuclear giant

BEIJING - China's securities watchdog on Wednesday night gave the nod to an initial public offering (IPO) from China National Nuclear Power Co, the country's leading nuclear power developer.

The nuclear giant plans to issue a maximum of 3.89 billion shares to raise more than 16.25 billion yuan ($2.66 billion) through its IPO, according to an online statement by the China Securities Regulatory Commission.

Nearly half of the funds raised will be used to replenish working capital, with the rest invested in nuclear power projects in Fujian, Zhejiang and Hainan provinces, according to the prospectus.

It is expected to be the biggest IPO in China's A-share market in the past four years.

The company filed its first IPO application in 2012, but it was suspended due to government concerns about large-cap stock flotation.