Xi’an-based XD Electric Company’s plans for a US$1.1 billion initial public offering in Shanghai are being reviewed by China’s stock regulator, Reuters reported. XD Electric, which manufactures high-tension electricity transmission equipment, plans to issue up to 1.3 billion renminbi-denominated shares on the Shanghai Stock Exchange. The IPO would account for 30% of the company’s expanded capital, and will raise funds for expansion and upgrading. A number of Chinese companies are currently seeking secondary share offerings and flotations; the China Securities Regulatory Commission revealed on Monday that it had approved an application by Huatai Securities to launch an IPO in Shanghai that is expected to raise at least US$1.4 billion.