Polluter firms hit with IPO clamp [China]
"Polluting companies" will need to undergo special environmental inspections before they will be allowed to raise capital via IPOs or refinancing through the secondary market, the State Environmental Protection Administration announced yesterday. Finance plans worth over 10 billion yuan (HK$10.9 billion) are expected to be pulled back. The government agency has inspected 37 companies and penalized 10 environmentally unqualified companies - including the Hong Kong-listed China Coal Energy (1898), Zijin Mining Group (2899) and Anhui Conch Cement (0914) - said Pan Yue, deputy director of SEPA, yesterday... Pan said some enterprises, which successfully launched IPOs, didn't keep their green promises. Firms had committed to stop producing or significantly reduce highly toxic chemicals and dangerous waste.