recycling-company-targets-hong-kong-listing

Recycling company targets Hong Kong listing

China Metal Recycling seeks to raise up to $200 million from an IPO that will tap into investors' growing interest in the "clean and green" theme.

Hong Kong's latest listing candidate doesn't mind being left with the scrap. In fact, it buys it from as far away as Europe and the US. China Metal Recycling CMR is China's largest scrap metal recycling company in terms of revenue and the first one in its industry to seek a listing in Hong Kong. UBS is arranging the initial public offering of up to $200 million.

CMR buys scrap steel, scrap copper and other scrap metal and uses heavy machinery and manual labour to separate it into its various metal components. From that it produces scrap metal products of varying purity and sizes that it then sells on to manufacturers of that respective...

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