China Zhong Wang's $1 billion HK IPO to test appetite

Asia's largest maker of aluminum extrusion products will test whether appetite for IPOs has genuinely returned when it begins marketing on Monday for a deal to raise as much as $1 billion, which would make it the world's biggest new issue since August.

The global stock rally over the past six weeks has coaxed a handful of companies to dip their toes into the IPO market after months of inactivity; most recent issues, however, have been in the $100 million-$150 million range.

China Zhong Wang, which makes products such as window frames and railcar components and is a beneficiary of Beijing's 4 trillion yuan ($585 billion) economic stimulus package, is positioned as a Chinese economic recovery play and hopes to take advantage of the recent surge in Hong Kong market turnover.

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