Chinese silicon producer eyes IPO

Wanxiang Silicon-Peak Electronics Co is planning an IPO on the mainland’s A-share stock market, the chairman’s secretary Han Song told China Business News Thursday. Han did not disclose the amount intended to be raised. The application has been submitted to the securities regulator and Zhejiang province’s environmental protection watchdog. Wanxiang realized $53.26 million (RMB370 million) in revenues in 2007, up 60% on 2006, and its net profit surged 80% on the year before. Wanxiang Group bought a 62% stake in the predecessor of Wanxiang Silicon-Peak, a prestigious monocrystalline silicon producer, for RMB32 million in 2002. Wanxiang Group also controls Wanxiang Qianchao (000559.SZ), Wanxiang Doneed Co (600371.SH), Hebei Chengde Lolo (000848.SZ), Lanbao Information Technology (000631.SZ), China Nonferrous Metal (000758.SZ), Zhejiang Hangmin Co (600987.SH), and Dehua TB New Decoration Co (002043.SZ).