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March 13, 2011, 10:30 p.m. EDT

China Hongqiao Secures $350 Million in Cornerstone Investments

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HONG KONG—Aluminum producer China Hongqiao Group /zigman2/quotes/207358542/delayed HK:1378 -2.48% Ltd. has secured US$350 million in cornerstone investments from four investors for its planned Hong Kong initial public offering that could raise up to US$1.1 billion, a person familiar with the situation said Friday.

Developer Cheung Kong (Holding) Ltd. and Chow Tai Fook Nominee Ltd., controlled by Hong Kong tycoon Cheng Yu-tung , each agreed to buy US$100 million worth of shares.

Thomas Lau , managing director of shopping mall operator Lifestyle International Holdings /zigman2/quotes/210031957/delayed HK:1212 -0.22% Ltd., and his brother, Joseph Lau Luen-hung , chairman of Chinese Estates, each agreed to subscribe to US$75 million worth of shares, the person said.

Hongqiao, which scrapped a plan to raise up to US$2.2 billion in January because of deteriorating market conditions, now plans to sell around one billion shares at an indicative price range of HK$7.20 to HK$8.30 each (US$0.92 to US$1.07), another people familiar with the situation said Friday.

The Chinese aluminum producer plans to launch a retail offering Monday before listing on the Hong Kong stock exchange on March 24, the people said.

The company had originally planned to sell 1.74 billion shares in an indicative price range of HK$7.10 to HK$9.90 each, according to the company's listing prospectus issued in January.

J.P. Morgan Chase /zigman2/quotes/205971034/composite JPM -0.77% & Co., Barclays /zigman2/quotes/206581728/composite BCS -1.03% PLC's Barclays Capital unit, BNP Paribas SA, Bocom International and ICBC International Holdings Ltd. are handling Hongqiao's IPO, another person familiar with the situation said earlier.

Prudence Ho

/zigman2/quotes/207358542/delayed
HK : Hong Kong
$ 7.85
-0.20 -2.48%
Volume: 8.65M
Aug. 18, 2022 4:08p
P/E Ratio
3.81
Dividend Yield
13.38%
Market Cap
$75.14 billion
Rev. per Employee
$3.24M
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/zigman2/quotes/210031957/delayed
HK : Hong Kong
$ 4.60
-0.01 -0.22%
Volume: 1.96M
Aug. 18, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.92 billion
Rev. per Employee
$3.19M
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 121.65
-0.94 -0.77%
Volume: 6.81M
Aug. 18, 2022 3:34p
P/E Ratio
9.74
Dividend Yield
3.30%
Market Cap
$359.50 billion
Rev. per Employee
$475,915
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 8.21
-0.09 -1.03%
Volume: 3.51M
Aug. 18, 2022 3:33p
P/E Ratio
N/A
Dividend Yield
3.77%
Market Cap
$32.82 billion
Rev. per Employee
$387,372
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