Jinxi Steel shortlists banks for IPO

The company hopes to become the fourth Chinese steel producer to list on the Hong Kong Stock Exchange.

One of China's new, aggressive, privately-owned steel companies is hoping to list on the HKSE by the end of the year. And in what is believed to mark a first for the exchange, Jinxi Steel will rank as the only former SOE State Owned Enterprise, which has been subject to an MBO Management Buy-Out.

The company is said to be targeting a late third quarterearly fourth quarter launch date and is hoping to raise up to $200 million. It is believed to have shortlisted four investment banks - BNP Paribas Peregrine, Credit Suisse First Boston, HSBC and JPMorgan. One will be picked.

Privately-owned steel mills are increasingly...

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