High oil prices spur Hilong to launch Hong Kong IPO

Hilong, China's largest maker of drill pipes for the oil industry, is seeking $190 million from a Hong Kong IPO.

China’s Hilong Holding, which provides oilfield equipment and services, is taking advantage of high oil prices and fears of further disruption to supplies from North Africa and the Middle East to launch an initial public offer in Hong Kong.

The Beijing-based company plans to raise HK$1.48 billion $190 million from the IPO and kicked off bookbuilding on Monday with the backing of a $10 million cornerstone investment by Larry Yung, the former chairman of Citic Pacific. The veteran energy and natural resources investor has agreed to a six-month lock-up on his investment, according to sources.

It is not a big deal, but will serve as a...

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