Gushan to raise up to $250 million in US IPO; Chinese biodiesel producer plans to triple production

In China, biodiesel producer Gushan Environmental Energy announced plans for a US-based IPO. The company did not disclose how much it expected to raise, but used $250 million as a nominal figure to calculate registration fees.

Gushan produced 35 Mgy of biodiesel in 2006, making it the largest producer in China, and plans to triple production by the end of 2008. The company reported revenues of $98.3 million for the first nine months of 2007, up from $81.5 million for corresponding period of 2006. Income fell to $33.4 million from $36 million in the first nine months of 2006.

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