China Hongqiao Group, the country’s leading aluminium producer, has returned to the market after scrapping its planned $2.2 billion IPO in January. More cautious this time, the company is looking to raise less than half that much just HK$7.34 billion $943 million.
Hongqiao’s original deal would have been the first sizeable IPO in Hong Kong this year. The company first took its story to investors more than a week before Chinese New Year, hoping to pocket between HK$12.3 billion and HK$17.2 billion $1.5 billion to $2.2 billion in an accelerated deal before the holiday.
However, on the day the offering price was...
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