The China Securities Regulatory Commission approved the initial public offering (IPO) in January, Bloomberg reported.
China National Nuclear Power Corp. is part of China National Nuclear Corp., the group that Bill Gates is talking to about a possible cooperation with Gates' nuclear firm, TerraPower. Gates and TerraPower are developing a "traveling wave" nuclear reactor, which is a form of a "fast neutron reactor" (FNR). China plans to rely heavily on FNRs by 2050.
"China National Nuclear Corporation (CNNC) is the large state-owned enterprise under the direct management of the central government. Historically, CNNC successfully developed the atomic bomb, hydrogen bomb and nuclear submarines and built the fist nuclear plant in the main land of China. CNNC is the main body of the national nuclear techonology industry, the core of the national strategic nuclear deterrence and the main force of the national nuclear power development and nuclear power construction, and shoulders the duel historical responsibilities for building of national defense force, increasing the value of state assets and developing the society.
CNNC is mainly engaged in scientific research and development, design and construction, production and operation in various fields such as nuclear military industry, nuclear power, nuclear electricity generation, nuclear fuels and nuclear technology application, as well as international economic cooperation and import and export businesses. China National Nuclear Corporation (CNNC) has over 100 secondary member units across over 20 provinces, autonomous regions and municipalities with 100,000 employees."
The five nuclear plants for which CNNPC is raising money are in 4 different provinces - Jiangsu, Zhejiang, Fujian and Hainan - according to Bloomberg. The story did not identify the stock exchange that CNNC will use.