AIM News: China New Energy in AIM growth bid

Bioenergy technology specialist China New Energy (CNE) has begun trading on the Alternative Investment Market (AIM), in its second attempt at a London listing.

The IPO, which saw CNE raise £655,210 in a placing of shares priced at 7p each, capitalised the company at £20.8m, and aims to serve as a platform for CNE to secure access to future additional capital to fund growth.

CNE is a technology, process and engineering solutions provider for bioethanol and biobutanol projects, and said it was well placed to benefit from an expected increase in ethanol plant projects globally as demand rises for clean fuel.

The company's new listing comes just over two years after it withdrew from Plus due to high costs and low liquidity.