SHANGHAI -(Dow Jones)- The China Securities Regulatory Commission said Thursday it approved military uniform maker Jihua Group Corp.'s plan to launch an initial public offering.
Jihua Group said earlier it planned to sell up to 1.16 billion shares, or 30% of its enlarged share capital, ahead of a listing on the Shanghai Stock Exchange.
The Beijing-based company didn't say how much it plans to raise but said it will use CNY3.25 billion of the proceeds to enlarge capacity.
UBS Securities Co. is the deal's underwriter, the company said.
-Wynne Wang contributed to this article; Dow Jones Newswires; (86-21) 6120-1200; wynne.wang@dowjones.com
Copyright 2009 Dow Jones Newswires
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