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Asia’s best IPO of 2005 is awarded to China Shenhua Energy

Hongkong, December 28, 2005 -- Asiamoney awarded the aisa's best IPO of 2005 to China Shenhua Energy Company as cited from Asiamoney recent publication. The article said that despite the poor market conditions, the deal of China Shenhua IPO was priced at a 30% premium to comparable Asian coal firms, and at 10.2 times forward earnings, at only a slight discount to global peers Rio Tinto, BHP Billiton and Anglo American.

"People made money from Shenhua, and it's a great growth story," says one Hong Kong-based fund manager. "It has huge reserves of coal and coal prices will stay firm for the foreseeable future. CCB was big, but big does not necessarily mean good. Look at the IPO price against the current price for Shenhua. People have made money and [Shenhua] has made money. The bankers did their job. This was a good deal."