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HONG KONG: UBS will arrange its first share sale in the Chinese mainland, joining Goldman Sachs as the only global securities firms earning underwriting fees in the world's fastest-growing stock market.

Western Mining, based in Qinghai, will seek approval on Tuesday 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, or $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.

"For UBS, it's very important to start getting revenue and becoming a player," in China, said Fraser Howie, a co-author of the book "Privatizing China: The Stock Markets and Their Role in Corporate Reform."

"Eventually, it should become a significant portion of their business," he said.

Companies may raise $26 billion through IPOs in Shanghai in 2007, overtaking Hong Kong, PricewaterhouseCoopers said in a January report. Three of the 10 largest share sales globally this year were Shanghai offerings; a fourth was a simultaneous Hong Kong and Shanghai sale.

China's market capitalization has swelled by about $1 trillion this year, an increase almost equal to the total value of Italian stocks, according to Bloomberg data.

Goldman's Chinese joint venture helped arrange the 38.9 billion yuan Shanghai share sale by Ping An Insurance, the country's second-largest insurer, in February. The deal made New York-based Goldman the fifth-largest underwriter in China this year.

The sale was the first to be underwritten by a local unit controlled by a Wall Street firm and the third-largest offering globally this year, after the $8 billion sale by Russia's VTB Bank OJSC and the $5.9 billion simultaneous Hong Kong and Shanghai IPO of China Citic Bank.

Goldman also acted as a financial adviser on the $3.3 billion Shanghai offering of Bank of Communications, for which it earned an underwriting fee but no league table credit.

UBS invested 1.7 billion yuan in the underwriting venture and its 20 percent stake makes it the second-largest of six partners. Beijing Guoxiang, the asset-management arm of the Chinese capital's government, owns 33 percent. Foreign firms can only underwrite IPOs in China through local ventures.

The Chinese government has encouraged large companies including banks and insurers to sell shares at home to improve the country's stock markets.

Western Mining plans to use the proceeds to help fund expansion of its mining and refining capacity, make acquisitions and repay bank loans, according to a share sale document posted on the China Securities Regulatory Commission's Web site.

Based on the amount Western Mining plans to spend and the 1.5 percent underwriting fee that Chinese investment banks typically levy, UBS may garner $8.7 million in fees.