Sichuan Expressway to list in Shanghai

Toll road operator Sichuan Expressway will become the first firm to launch an IPO on the Shanghai bourse this year after a nine-month moratorium on Shanghai listings, the South China Morning Post reported. The Hong Kong-listed firm plans to float 500 million A shares and raise US$204.9 million. Sichuan Expressway’s underwriter said that the firm had not yet received approval to begin IPO sales, but that approval was expected soon. Sichuan Expressway would be the fourth company to list A-shares since the moratorium on new share offerings was lifted. The other three small cap firms listed on Shenzhen’s SME board. Analysts said Sichuan Expressway’s A-share listing could also open the door for red chip firms such as China Mobile to list domestically.