China National Coal Group Co, China's second largest coal producer, recruited China International Capital Corp, Citigroup and Morgan Stanley to help it raise at least US$1bn through an initial public offering, Bloomberg reported, citing unnamed sources. The capital will be used to increase coal production. Other planned IPOs include a US$5bn offering by China Construction Bank and a US$3bn IPO for Shenhua Group Corp, China's biggest coal producer. Coal fuels two thirds of China's power needs.
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