A major Chinese aluminium maker is set to raise $2.2 billion in a Hong Kong initial public offering, a report said Monday, amid rising prices for the metal used to make cars and build houses.
China Hongqiao Group plans to list its shares on February 11, selling 1.74 billion shares to institutional buyers at between HK$7.1 and HK$9.9 ($0.91-$1.27) per share, Dow Jones Newswires said, citing an unnamed source.
The average selling price of Hongqiao's products rose 17 percent to 13,430 yuan ($2,040) per tonne for the first nine months of last year, the report said.
The company's overall sales soared 70.6 percent during the same period to 10.5 billion yuan ($1.59 billion), the report said, citing an internal report.
Hong Kong was the world's hottest IPO market in 2010 for the second year in row, raising over $51 billion, well ahead of New York and London.
Other companies planning to list in Hong Kong over the next few months include Chinese hypermarket operator Sun Holdings Greater China, which plans to raise at least $1 billion, and China's New Century Shipbuilding Ltd., which plans to raise up to $800 million, the report said.
Share This Article With Planet Earth
