Chinese oil company turns to Hong Kong for capital

After shelving a $96 million New York IPO in May, Chinese upstream oil company MIE is looking to raise $184 million from a new share sale in Hong Kong.

Hong Kong's robust primary market, which has seen IPO funds exceed $49 billion so far this year and remains active despite the recent global jitters, is helping the local bourse to snatch listing hopefuls as well as companies listed on other global stock exchanges.

The latest company to change its plans and opt for Hong Kong is MIE Holdings Corporation, which shelved an already downsized share sale in New York in May this year as it couldn’t reach an agreement with investors on the offering price. The Chinese upstream oil company is now looking to raise HK$1.125 billion to HK$1.43 billion $145 million to $184 million from a Hong Kong IPO to...

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