China mining services firm plans Australia IPO

Reuters 22 May 2013
* Australia courting Chinese firms for listings
* Sino Australia planning to raise A$20 mln in July IPO
Chinese mining services company Sino Australia Oil and Gas Ltd is planning an initial public offering in Australia in July, tapping international investors while domestic markets remain frozen, and braving an uncertain outlook for the sector.
Chinese companies aiming to list have limited choices at home since the country’s securities regulator suspended IPO approvals in October to reduce help stabilize the stock market.
Sino Australia, focused on the Daqing oilfield in northern China, is planning raise up to A$20 million ($19.6 million) on the Australian Stock Exchange (ASX), the company said on Wednesday. It would be the largest Chinese company to list in Australia since Blackgold International Holdings Ltd raised A$68 million in 2011.
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