China Machinery Engineering’s IPO covered at launch

The state-owned engineering contractor seeks to raise up to $500 million, of which PICC and four other cornerstone investors will take a combined $165 million.
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One of CMEC's thermal power stations in Malaysia
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<div style="text-align: left;"> One of CMEC's thermal power stations in Malaysia </div>

China Machinery Engineering Corporation, a state-owned international engineering contractor, kicked off a four-day roadshow yesterday for an initial public offering that is targeting to raise between HK$2.94 billion and HK$3.88 billion ($380 million to $500 million). The stock is scheduled to start trading in Hong Kong on December 21.

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