Chinese iron ore miner seeks $148 million from IPO

Having initially planned to sell shares in June, China Hanking returns to the market with an offering that sources say has secured enough support before launch to get done -- even in the current volatile environment.

Metals and mining might not be the most popular industry at the moment, but China Hanking Holdings has secured enough interest to allow it to pull off a Hong Kong initial public offering this week. The Liaoning-based iron ore miner is aiming to raise between HK$1.15 billion and HK$1.34 billion $148 million to $172 million.

It kicked off both the institutional and retail tranches of the IPO yesterday and will keep the books open only until Friday. Such a tight marketing schedule suggests that the deal would have been largely covered before launch and sources confirmed that this was the case.

“It was launched...

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