Xingye Copper to float shares in Hong Kong
Xingye Copper International Group Ltd, a Chinese copper producer of high-precision copper plate, said in a notice that the company plans to issue 150 million new shares in an initial public offering in Hong Kong.
According to the notice, 90% of the shares will be sold through international placement, while the remaining 10% will be sold directly to the retail investors. The price of the new share is set at the range of HK$1.70 to 2.55. The company is expected to raise up to HK$382.5 million at the high end of the indicative range. The proceeds will be mainly used to expand the production capacity and to fund its R&D projects.
The share subscription will start from tomorrow till next Monday. The shares will be tradable on the main board of the Hong Kong Stock Exchange on Dec. 27. BOC International serves as the lead underwriter.
The company executive told sources that the company will continue to expand its production capacity from the current 60,000 tons per year to 122,000 tons by 2011.
In the first half this year, Xingye Copper’s net earnings was RMB 76.325 million compared with RMB 65.428 million during the same period last year.
Tags: Copper