Jinxi Steel prepares for IPO

Steel manufacturer pushes back flotation a few months to the first quarter of 2004.

Jinxi Steel has mandated JPMorgan and Merrill Lynch for an IPO on the Hong Kong Stock Exchange, which is now expected to surface at the beginning of 2004. The company had originally been pushing for a late third quarterearly fourth quarter listing, but a combination of SAR's and due diligence always taking longer than expected, has pushed the timetable back.

Because restrictions on the movement of migrant workers affected production at the company's steel mills and hence first half profitability, analysts say Jinxi will have to work hard to achieve its $80 million to $100 million net profit forecasts for 2003. It had originally been hoping to raise about $250...

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