Hongqiao returns with downsized IPO

Chinese aluminium producer Hongqiao revives its planned IPO, but trims the deal size by more than half.

China Hongqiao Group, the country’s leading aluminium producer, has returned to the market after scrapping its planned $2.2 billion IPO in January. More cautious this time, the company is looking to raise less than half that much just HK$7.34 billion $943 million.

Hongqiao’s original deal would have been the first sizeable IPO in Hong Kong this year. The company first took its story to investors more than a week before Chinese New Year, hoping to pocket between HK$12.3 billion and HK$17.2 billion $1.5 billion to $2.2 billion in an accelerated deal before the holiday.

However, on the day the offering price was...

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