China Zhongwang Holdings has set the price range for its initial public offering at a level that will allow it to raise between HK$9.52 billion and HK$12.32 billion $1.2 billion to $1.6 billion and claim the title as the largest IPO globally this year.
While ambitious at first glance, the size is less intimidating when considering that the Chinese manufacturer of aluminium extrusion products was largely immune to the global economic downturn in 2008 and is currently a direct beneficiary of the government's aggressive build-out and spending plans for the railway sector and the country's Rmb4 trillion $585 billion stimulus package.
Investors attending the company's lunch briefing at the Four Seasons hotel in...
¬ Haymarket Media Limited. All rights reserved.
