Sichuan-based Yongchuang Coal aims to raise up to $1.5 billion in an initial public offering in Hong Kong later this year, the South China Morning Post reported yesterday. The report cited sources as saying the company has not yet awarded a mandate to investment banks. It gave no further listing details.

The report said Yongchuang Coal's would be the third proposed offering by the coal industry this year, following Shanxi Coking Coal Group's planned $1 billion Hong Kong IPO, and Yongcheng Coal & Electric Group's proposed $1.5 billion offering.

Heilongjiang Longmay Coal Mine Group had to scrap its $1 billion IPO plan because of safety issues at its mines, the report said.

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