Chinese oil rig maker seeks $480 million from IPO

Honghua's offering will be keenly watched as it could become the first company of size to list in Hong Kong this year after several other deals were pulled.

Honghua Group yesterday kicked off the institutional roadshow for an initial public offering that is aiming to raise between HK$2.63 billion and HK$3.75 billion $338 million to $481 million. The Chinese manufacturer of onshore oil and gas drill rigs completed its pre-marketing in mid-January but the actual launch was delayed for reasons that sources said were related to an accountancy issue rather than the market environment.

However, it was quite obvious that none of the parties involved...

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