UBS AG will arrange its first share sale in China, joining Goldman Sachs Group Inc. as the only global securities firms earning underwriting fees in the world's fastest-growing stock market.
Western Mining Co., based in Qinghai, will seek approval on June 5 from China's securities regulator for its Shanghai
initial public offering, according to share sale documents. UBS's Chinese venture will manage the sale, raising funds to help finance a 4.4 billion yuan ($575 million) expansion and to repay bank loans.
Western Mining's sale would give Zurich-based UBS its first return since announcing the venture in September 2005. Chinese companies have raised almost $41 billion in Shanghai and Shenzhen since the start of 2006, more than in the previous seven years combined, according to data compiled by Bloomberg.
