Wintime Energy (600157), a maker of lubricants which is involved in the coal and gold mining businesses, said it plans to list in Hong Kong, and the number of H shares to be issued will not be less than 15 percent of the total enlarged share capital, reports Shanghai Securities News, citing a company filing.
Proceeds raised will mainly be used to acquire overseas assets, repay bank loans, and to supplement working capital.
The company plans to fully acquire Linshi Yinyuan Coke, 51 percent stakes in Shanxi Linshi Yuanxing Coal, Shanxi Linshi Yinyuan Xinanfa Coal, Shanxi Linshi Yinyuan Huaqiang Coal, and a 65 percent stake in Shanxi Kangwei Group.
Wintime Energy plans to jointly explore for coal with a partner in Queensland, Australia.