Chinese marble miner seeks $280 million from HK IPO

If successful, China Kingstone Mining will become the first sizable Chinese listing in Hong Kong this year after Hongqiao scrapped its planned $2.2 billion IPO.

China Kingstone Mining Holdings, a marble mining company with operations in the Sichuan province in western China, kicked off investor education yesterday for a Hong Kong initial public offering that could allow the company to raise around $250 million to $280 million.

If successful, this will be the first sizable Chinese IPO in Hong Kong in 2011 after aluminium producer China Hongqiao Group scrapped its planned $2.2 billion share sale just before the Chinese New Year. Kingstone may also be the first of a series of mining and natural resources companies to sell shares in Hong Kong this year, if PricewaterhouseCoopers’ PwC’s projections are correct.

The accounting firm has said that...

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