Jiangsu Jiangnan Water Co., Ltd.

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On March 17, 2011, Jiangsu Jiangnan Water Co., Ltd. was floated in the Shanghai Stock Exchange. 58.80 million shares were publically sold at a price of 18.80 Yuan per share (233.80 million shares in total; some private shares are not publically tradable on the equity market at this point, e.g., employee shares). Raised capital will be spent on water asset acquisition, intelligent water service development and utilization, and the rehabilitation and extension of the Ligang Water Treatment Plant. Jiangnan Water focuses its business on water supply and sewerage services. It currently has a water supply capacity of 930,000 cubic meters per day and serves a population of 2 million plus in Jiangyin City, Jiangsu Province, one of the most developed country level cities in China. Out of all shareholders, a state owned enterprise Jiangyin Urban/Suburban Water Supply and Sewerage Co., Ltd owns 34.96% of the company and Jiangyin City State Owned Assets Operation Co., Ltd. has a 23.18% stake. The private sector owns about 34.41% of the company.