The China Coal Energy Company Limited, China's second largest coal company, went public on the Hong Kong Stock Exchange on Tuesday, with its shares opening at 4.50 Hong Kong dollars, up 11.1 percent on its initial public offer price.

About 1.38 billion shares were traded for an aggregate turnover of 6.23 billion Hong Kong dollars.

The shares closed at 4.56 Hong Kong dollars after hitting a high of 4.60 Hong Kong dollars.

The company raised 15.12 billion Hong Kong dollars from an initial public offering of 3.246 billion shares.

Boasting the fifth largest coal reserves of listed coal companies worldwide, the firm produced 50.12 million tons of raw coal last year and raked in 30.1 billion yuan in sales revenue, posting 3.3 billion yuan in net profits.

The company said its raw coal output will reach 92.3 million tons by 2008. The China National Coal Group holds a majority stake in China Coal Energy Co.

Source: Xinhua