(Yicai) Dec. 3 -- China National Uranium's shares soared on their first day of trading, with the state-owned natural uranium miner becoming the first Chinese company of its kind to go public.

National Uranium [SHE: 001280] closed 280 percent higher at CNY67.99 (USD9.62) a share today, bringing its market capitalization to CNY140.6 billion (USD19.9 billion). The broader Shenzhen market fell 0.8 percent. The bourse's daily trading limit of 10 percent does not apply when stocks debut.

National Uranium issued 248 million shares, including 122 million issued online, priced at CNY17.89 apiece, with a price-to-earnings ratio of just over 27 percent.

The proceeds from the initial public offering will be used for National Uranium's domestic natural uranium business, comprehensive utilization of radioactive associated mineral resources, and to supplement liquidity, the Beijing-based firm pointed out.

In addition, National Uranium will further increase its investment in China's natural uranium industry, accelerate the implementation of planned production capacity, and enhance its ability to serve national strategies, it said. The firm will continue to boost the national strength of high-level technological self-reliance and self-improvement in uranium mining development, and accelerate the formation of new quality productive forces in the natural uranium sector, it added.

Natural uranium is an important strategic mineral resource for China. Its safe and stable supply is the foundation for the rapid development of nuclear energy and also a vital support for maintaining national energy security.

National Uranium focuses on mining, smelting, and selling natural uranium as well as the comprehensive utilization of radioactive associated minerals. It is China's leading force in uranium mining development and an important part of the nation's nuclear industry system.

National Uranium owns 19 mining and six exploration rights and has formed a domestic natural uranium production capacity layout with recovering natural uranium from sandstone uranium deposits as the main body, hard rock uranium deposits as a supplement, and comprehensive unitization of radioactive associated resources in uranium-rich regions, including Xinjiang Uygur Autonomous Region, Inner Mongolia Autonomous Region, and Guangdong and Hunan provinces.

Editor: Martin Kadiev