Chalco times it right

The company benefits from a swing back to cyclical stocks.

What many thought would prove to be one of the most difficult Chinese equity offerings of recent years has turned out to be one of the luckiest. After deliberating for weeks whether to launch an IPO for Aluminum Corp of China Chalco, lead managers Morgan Stanley and CICC have managed to hit the market just as investors move out of cash and seek to position themselves for 2002.

Sector specialists consequently believe that the company has been able to...

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