Midas Holdings, a Chinese manufacturer of aluminium alloy, started bookbuilding yesterday for an up to HK$1.34 billion $174 million share sale and secondary listing in Hong Kong. The company plans to use the proceeds to expand production capacity and for potential acquisitions.
Midas, which is already listed in Singapore, started production of aluminium alloy extrusion products in 2001 in China, and had a domestic market share of 66% last year in terms of sales revenue for high-speed trains and metro-train car bodies, according to the company. It supplies the metal products to China’s leading industrial players, including China CNR Corporation and CSR Corporation, both of which are state-owned locomotive and transportation equipment manufacturers....
