bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Nevin Nie

Shanxi Coal Transportation and Sale, the mainland's biggest coal distributor, might delay its US$1 billion Hong Kong initial public offering in order to list first in the domestic market as early as next year,  sources said.
Last year, the coal company hired Bear Stearns for its Hong Kong offering, which was scheduled for this year. Now, it might terminate the contract with the  troubled  investment bank and could hire Citic Securities for its A-share offering, a person working on the deal said.
'The restructuring of the company is far from finished,' said a second source looking at the transaction. 'The A-share IPO won't come until June next year, or even later.'
He said the new bookrunner had not been fixed yet.
The company could not be reached for comment.
The loss of the Shanxi Coal offering would be a further blow to  Bear Stearns, which had been trying to build its business in Asia. Last week, it reported that profits plunged 62 per cent in the third quarter due in large measure to the United States subprime loan meltdown.
Bear Stearns, which until recently had not had an Asian head, appointed John Moore  as chief executive  for Asia  in August in a move seen as showing its  commitment to Asia.
Shanxi Coal  was set up  this year by its holding company, Shanxi Coal Transportation and Sales Group. The parent injected it with coal production, processing, distribution and sales assets, as well as chemical businesses, according to the company's website and a report by  the Taiyuan Evening News, in April.
Shanxi Coal is based in Taiyuan, the capital of  a province  that accounts for  33 per cent of the nation's proven coal reserves. The parent  is engaged in producing coal, coal products and coke transport  and sales. It also has coal import and export licences.
Formerly known as Shanxi Province Coal Transportation and Sale General Co, the parent started restructuring and injecting the assets  to enable the Hong Kong offering, China Business News said  in June.
The company had expected to raise US$1 billion from the Hong Kong listing and was talking to strategic investors, according to the report.
Six companies had agreed to take stakes in the coal company with total investments worth about 250 million yuan, the report said.
The company owns 92 mines with annual production capacity of 27.86 million  tonnes, and has a large number of coal processing and conversion enterprises, plus  other business entities, according to the company's website.
It also owns 253  coal-transport  railway stations and 264 highway coke business stations,  among other assets.
The company won approval from the State Council in May to establish a national-level coal trading centre in Taiyuan, liberalising one of the last remaining commodities whose price is still under  state control.



Hong Kong-listed unit of China’s third largest coal miner Shandong Energy Group announces wind, solar diversification plan

Bull run in China’s coal stumbles after economic planner’s pledge to cool fuel prices, sending futures and mining stocks tumbling

Australia’s Yancoal says ‘no direct impact’ on its coal shipments at Chinese ports

Yanzhou Coal aims for first profit in four years at its Australia unit

Yanzhou Coal

Shanxi Coal expected  to sell A shares before  seeking listing in HK