YZC - Yanzhou Coal Mining - IPO priced at $15.75 Message Board

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Technology Stocks : YZC - Yanzhou Coal Mining - IPO priced at $15.75

YZC 8.170

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Jul 10 4:00 PM EDT

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To: Wizard who wrote ()	3/31/1998 6:09:00 PM
From: RealMuLan	Read Replies (4) of 8

H-shares to assist coal firm HONG KONG -- Yanzhou Coal Mining announced yesterday a global offering of 820 million H shares, which is expected to raise 2 billion Hong Kong dollars (US$256 million). The float is divided into three parts -- 10 per cent for public offering in Hong Kong, 45 per cent for offering in the United States and another 45 per cent in the rest of the world. Shares offered outside Hong Kong will be American Depository Shares, or ADS, each equal to 50 normal shares. The shares are expected to be priced between HK$2.16 (US$0.28) and HK$2.67 (US$0.34) excluding transaction levy and commission fees, and final pricing will be available on Friday when public subscription ends. Trading in the shares will commence next Tuesday on the New York Stock Exchange and on April 1 on the Hong Kong Stock Exchange. Net proceeds from the float will be used to finance the listed arm's purchase from its Shandong-based parent of Jining Coal Mine phase two. The Asian financial turmoil held up the plan since October and took its toll on the pricing of the shares, with their expected price-to-earnings multiple on a fully diluted basis down to between 6.7 times and 8.2 times the company's earnings last year. That compared with the previous range of 8.2 to 10.3 times proposed late last year and represented a 41 per cent discount over the average of H shares' price-to-earnings ratio, according to Johnny Chan, managing director of equity capital markets division of Bear Stearns, the float's global co-ordinator. With an output of 16.9 million tons of raw coal last year, the company has been the dominant coal supplier in East China, said Luo Taiyan, executive director of Yanzhou Coal Mining. Yanzhou exports roughly one-third of its output, mainly to Japan, making it one of China's biggest coal exporters. ------------------------------------------------------------------------ Date: 03/24/98 Author: Lu Hongyong Copyrightc by China Daily

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