Hongqiao tests market with accelerated IPO

The Chinese aluminium producer hopes to raise up to $2.2 billion from a Hong Kong IPO that is set to close before the Chinese New Year holiday.

With little more than a week to go before Chinese New Year, the Middle Kingdom’s most celebrated holiday, Chinese aluminium producer China Hongqiao Group is seeking investor attention to raise between HK$12.3 billion and HK$17.2 billion $1.5 billion to $2.2 billion from a Hong Kong initial public offering.

The launch of the deal so close to a major holiday took the market a bit by surprise as other issuers have chosen to hold off on their IPOs until after Chinese New Year. Hongqiao is instead planning to complete the deal on an accelerated timetable to get it done before the break.

The deal will also test investor confidence in China's...

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