Watchdog to review EMS IPO plan

BEIJING - China Securities Regulatory Commission (CSRC) will review an application for the initial public offering (IPO) of China Postal Express & Logistics Co Ltd(EMS) on May 4.

The company, a unit of the State-owned China Post Group, plans to raise 9.98 billion yuan ($1.58 billion) in the country's largest IPO this year, it said in a prospectus posted on the CSRC's website.

According to the prospectus, the Beijing-based company plans to issue up to 4 billion A-shares on the Shanghai Stock Exchange.

The money raised from the IPO will be used to buy vehicles, airplanes and equipment, as well as fund network expansion, it said.

The company's total assets reached 22.37 billion yuan as of the end of 2011. It took in 25.89 billion yuan in business revenues last year, with a net profit of 902 million yuan.