Chinese chemical maker Shandong Haili Chemical Industry Co Ltd has sought regulatory approval for a domestic initial public offering to raise up to 6.4 billion yuan ($1 billion), the environment ministry said. The producer of epichlorohydrin and adipic acid, used to make plastic and nylon, plans to sell as much as 100 million shares on the country's main bourse, according to a statement posted on the ministry's website on Wednesday.
Companies with operations that affect the environment, such as miners and oil refinery operators, first need to obtain clearance from the environment ministry before seeking approval from the securities regulator for IPOs, a process that could take months.