Cofco spin-off seeks HK listing to fund expansion plans

The company's move into biofuels drives investor interest in the $332 million IPO. A strategic investor from Japan will take $65 million worth of shares.

China Agri-Industries Holding has kicked off the institutional roadshow for what will be the first Hong Kong IPO by a Mainland state-backed company this year. The listing candidate is looking to raise up to HK$2.6 billion $332 million which will also make it the largest Hong Kong listing so far this year, ahead of China Huiyuan Juice GroupÆs $308 million.

The deal could in fact end up being even larger because of an offer to the shareholders of its...

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