July 12, 2012, B-share company Inner Mongolia Yitai Coal Limited by Shares (900948) launched its initial public offering for a Hongkong Stock Exchange and Clearing Limited listing under the stock code of 3948. It issued 162,667,000 shares globally priced at HKD 43 per share, raising HKD 7 billion in total. This IPO marked the largest IPO in natural resources and mining industry around the world, the second largest IPO in Hong Kong capital market, the largest IPO of non-financial enterprises and the largest IPO of private enterprises in Hong Kong Capital Market. In addition, this is the case of a pure B-share company issuing H shares which set an example for the financing of pure B-share companies.

Founded in 2007, Inner Mongolia Yitai is an especially large company, the first B-share listed coal company in China, the largest local coal enterprise in Inner Mongolia Autonomous Region and one of the coal giants in China so far. Inner Mongolia Yitai has brought generous returns for its investors by its rapid development speed which could be called a miracle and its potential of future rapid-growth. Contrary to the current complicated background where a new round of financial crisis attacked international capital market, global economy recovery in difficult process and China suffering from decreasing exportation and insufficient domestic demand, Inner Mongolia Yitai still received strong market response and its international placing was oversubscribed. More important, it attracted the attention of and locked high quality cornerstone investors such as Bao Steel，Datang Power, Man Shi Investment, King Link, Lion Fund, Ordos Vanzip and so on who subscribed more than HKD 3 billion in total.

Jingtian & Gongcheng acted as the issuer’s lawyer in the listing.