Sinopec Engineering to launch Hong Kong’s largest IPO this year

The engineering and construction arm of Asia’s largest refiner will start pre-marketing for an IPO of about $1.5 billion tomorrow. Meanwhile, Galaxy Securities delays its planned launch as CSRC approval and cornerstones aren’t yet in place.
<div style="text-align: left;"> Hong Kong ranks just ninth for IPOs this year </div>
<div style="text-align: left;"> Hong Kong ranks just ninth for IPOs this year </div>
April 16, 2013

It has taken a while, but Hong Kong’s first billion-dollar IPO this year is finally about to hit the market. And with a number of other large deals in the pipeline, it is under a lot of pressure to do well.

The one to test the market and investor appetite is Sinopec Engineering, a spinoff from state-owned oil and gas giant China Petrochemical Corp Sinopec Group that focuses on the construction of refineries.

According to sources, the company is aiming to raise about $1.5 billion from the sale of 25% to 30% of its share capital.

The Hong Kong stock exchange approved Sinopec Engineering’s...

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