Shanghai Prime Machinery tests the waters for an IPO

A play on China's industrial growth that hopes to copy sister company's performance.

Shanghai Prime Machinery has started pre-marketing this week an initial public offering that is expected to raise between $150 million and $175 million. It plans to list on Hong KongÆs main board towards the end of April.

The state-owned enterprise is a sister company to Shanghai Electric Group and is expected to be well-received by investors as it is essentially a leveraged play on the industrial growth of China. Shanghai Electric has gained 75% since its trading debut in late...

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