China Zhong Wang aims to raise $1bn from IPO

Marketing for what could be the world¡¯s largest global initial public offering this year starts in Asia on Monday with roadshows for China Zhong Wang, which makes aluminium products.

Zhong Wang hopes to raise up to $1bn with an IPO in Hong Kong ¨C an important test for demand for fresh listings at a time when stock markets have shown tentative signs of recovery and Beijing continues to spend up to Rmb4,000bn ($585bn) to boost China¡¯s economy.

The listing could be the first billion-dollar IPO in the world for eight months. The last was China South Locomotive¡¯s $1.6bn flotation in August 2008, according to Thomson Reuters data. The biggest listing so far this year was Mead Johnson, a US-based paediatric nutrition company, which raised $828m in February on the New York Stock Exchange.

The market for Zhong Wang¡¯s products, such as window frames and components for trains, may well be boosted by Beijing¡¯s massive spending on infrastructure to boost the economy. China grew at an annual rate of 6.1 per cent in the first quarter of the year ¨C the lowest year-on-year figure since the country¡¯s quarterly gross domestic product numbers were first published in 1992.

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