China aluminium maker set for US$2.2 billion IPO

HONG KONG - A MAJOR Chinese aluminium maker is set to raise US$2.2 billion (S$2.8 billion) in a Hong Kong initial public offering, a report said on 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 (S$1.17-S$1.63) per share, Dow Jones Newswires said, citing an unnamed source.

The average selling price of Hongqiao's products rose 17 per cent to 13,430 yuan (S$2,620) per tonne for the first nine months of last year, the report said.

The company's overall sales soared 70.6 per cent during the same period to 10.5 billion yuan, 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 US$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 US$1 billion, and China's New Century Shipbuilding Ltd., which plans to raise up to US$800 million, the report said. -- AFP

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