Chinese company lists on Australian stock exchange

SYDNEY - Chinese petrochemical company Premiere Eastern Energy listed on the Australian stock exchange on Thursday.

The Guangzhou-based firm raised the minimum share prescription of just three million Australian dollars ($2.3 million) in an initial public offering (IPO).

The company issued 15 million shares at 20 Australian cents each, attracting more than 500 investors and the business will have a market capitalisation of 183 million Australian dollars ($140 million).

Foreign companies must have two Australian directors if they want to list on the local market, and Premiere has appointed David Wheeler as director and deputy chairman.

The other Australian director, Ting Jiang, is also a director of menswear retailer Sunbridge Group which listed on the ASX in 2013.

Premiere said in a statement that it plans to capitalise on the growth of the car industry in China by introducing full service petrol stations, and has no plans to expand to Australia.