China's megacity dream spurs Hebei Construction IPO

Privately-held construction firm seeks public capital as China speeds up development of the Beijing-Tianjin-Hebei region, including plans for a vast new city in rural Xiongan.
Rapid development in Xiongan, the future mega city that will integrate some of Beijing's non-core functions
Rapid development in Xiongan, the future mega city that will integrate some of Beijing's non-core functions

Hebei Construction Group on Monday launched a Hong Kong initial public offering, becoming the first company to tap investor interest in China’s ambitious Xiongan special zone plan.

The company hopes to raise between HK$1.9 billion and HK$2.3 billion $248 million to $297 million from the deal as its home province of Hebei becomes the focus of another major Chinese development plan.

China’s Xiongan initiative may be little known among international investors now, but it is every bit as big a national priority as the landmark Belt and Road Initiative. Along with Belt and Road, Xiongan is one of only a handful of national-level development...

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