The year's first billion-dollar IPO is in the works

Chinese aluminium company Zhongwang is to start formal marketing on Monday. The roadshow will focus on its potential as a play on China's aggressive railway spending and the recent stimulus package.

More than three months into 2009, the year's first billion-dollar initial public offering out of Hong Kong -- and Asia -- is finally ready to launch and will provide a crucial test of whether investors are willing to commit money to a newcomer in the international markets. According to sources, China Zhongwang Holdings, a Chinese aluminium extrusion products maker, has started pre-marketing an IPO that is expected to raise at least $1 billion. The aim is to launch a formal...

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