Chinese steel processor turns to Hong Kong for capital

Da Ming’s IPO comes as Chinese steel companies worry that government tightening measures aimed at the property market will erode steel demand.

Da Ming International, a privately owned stainless steel processor in China, has kicked off the bookbuilding for an initial public offering of between HK$500 million and HK$675 million ($64 million to $87 million) in Hong Kong. It plans to use the proceeds to expand its capacity and processing facilities.

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