Chinese Aluminum Firm Plans $1.6 Billion IPO, Year's Largest

China Zhongwang Holdings Ltd. plans to raise nearly US$1.6 billion in the world's biggest IPO so far this year, people familiar with the situation said Monday.

The company is selling 1.4 billion new shares in Hong Kong, or 25.9% of its enlarged share capital, at a range of HK$6.80 to HK$8.80 each, one person said.

The initial public offering is more than three times as large as the US$500 million the company originally planned to raise. Zhongwang is Asia's largest aluminum-extrusion manufacturer by capacity. It shapes the metal into different sizes and parts for industrial and transport-related businesses.

Until now, baby-formula maker Mead Johnson Nutrition Co.'s US$828 million February IPO in New York has been the largest such share sale this year.

 
Bloomberg News
DEAL-MAKER DEBUT: Liu Zhongtian, chairman of aluminum-extrusion maker China Zhongwang, arrives at an investor luncheon in Hong Kong on Monday. His firm is seeking to raise about $1.6 billion in a May listing.

Order-taking for the IPO began Monday and runs through April 29. Zhongwang, which is based in Liaoning province in northeast China, is expected to list on the Hong Kong stock exchange May 8.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.