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China National Nuclear Unit Gets Regulatory Approval for IPO

  • China National Nuclear Corporation (CNNC) has obtained regulatory approval to list its core nuclear assets via a newly established unit, media reported on Friday, citing an unnamed source.The unit, set up in April 2010 and which runs the bulk of its nuclear business, will seek to raise funds via a domestic initial public offering, and has already got "special approval" from China's State Council or cabinet, the paper reported.The source did not disclose how much it aimed to raise, but the cabinet's approval suggested that it would take a shorter time for the unit to rekindle plans for the listing after postponing it due to the nuclear crisis in Japan earlier this year, the paper added.CNNC, the country's biggest nuclear power developer, owns two listed units -- SUFA Technology Industry, a leading supplier of industry products for the petroleum and petrochemical industries, and CNNC International, which operates an overseas uranium business.

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