China reorganises its public groups. - Three Chinese state-controlled giants have announced fundraising projects to allow them to reorganise their capital structure. The Chinese nuclear giant, CNNC, has announced plans to float a quarter of its share capital, hoping that this transaction will raise the equivalent of more than €1.88 billion. If approved by the market regulator, this operation could be the largest in China since 2010. According to the agency Bloomberg, this fundraising operation could allow CNNC to fund four projects to build nuclear power stations. The petroleum group Sinopec intends to sell up to 30% of its huge subsidiary responsible for distributing fuel in China. Its rival, PetroChina, also has plans to open itself up to private capital for a number of projects. Lastly, the financial conglomerate Citic, has also embarked upon a complex stock exchange operation. One of its subsidiaries which is quoted on the stock exchange will reabsorb the majority of the group's assets, allowing the parent company, which is 100% state-owned, to open up around 30% of its capital to investors. In mid-April, the Chinese government announced that some 80 projects would be affected by the use of private funding in fields from rail to telecommunications, green energy and fuel distribution networks. At this point, China has not confirmed whether foreign capital will be allowed to take part in this relaunch plan. (IL)