Chinese oil company aims to raise $243 million in US IPO

MIE Holdings Corporation, a Chinese upstream oil company, is looking to raise between $207 million and $243 million in an initial public offering in the US to fund the expansion of its oil output.

If successful, it will be the first traditional energy company from China to float shares in the US, and the third IPO of size by a Chinese company in the US so far this year. IFM Investments, which holds the China franchise for the Century 21 real estate agency, and budget hotel operator China Lodging both listed in the US in the first quarter.

With US secondary markets showing some strength over the past month -- although the gains...