Dongfang Electric goes fully public

Dongfang Electric Corporation, a leading state-owned power generation equipment maker, listed on the Shanghai Stock Exchange on Monday, Xinhuanet reported (in Chinese). The company used an innovative three-step procedure for the listing, with one of its listed subsidiaries, Dongfang Electrical Machinery, swapping shares with Dongfang Electric Corporation and buying shares from two of its other units, Dongfang Boiler Group and Dongfang Steam Turbine Works. The scheme is designed to decrease the cost of the share restructuring, simplifies the approval process and minimizes the market strike. Dongfang has introduced a new model for SOEs to reform their shares, market analysts said.