Chinese steel processor turns to Hong Kong for capital

Da Ming’s IPO comes as Chinese steel companies worry that government tightening measures aimed at the property market will erode steel demand.

Da Ming International, a privately owned stainless steel processor in China, has kicked off the bookbuilding for an initial public offering of between HK$500 million and HK$675 million $64 million to $87 million in Hong Kong. It plans to use the proceeds to expand its capacity and processing facilities.

Based in the Jiangsu province in eastern China, the company purchases stainless steel coils and plates from suppliers and processes them into different shapes and sizes according to its customers’ requirements. Its processing services include coil cutting, coil slitting, surface polishing, plate cutting and forming. The service helps end users to reduce their processing costs, Da Ming said in a preliminary IPO prospectus....

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