China Hongqiao: See 2010 Net At Least CNY4.1 Billion Vs CNY556 Million

Posted by tjdetai on July 13th, 2015


HONG KONG -(Dow Jones)- China Hongqiao Group Ltd. (1378.HK) said in its listing prospectus Wednesday it expects its 2010 net profit to soar to at least CNY4.1 billion from CNY556 million the year before because of improved global demand for aluminum and a recovery in aluminum prices from their lows of 2009.

The Shandong province-based aluminum producer also said it is selling 1.74 billion shares in an indicative price range of HK.10-HK.90 each ahead of its planned listing in Hong Kong.

The company has the option to increase the size of the offering by 15% depending on demand, which would allow it to raise up to US.5 billion.

Hongqiao is scheduled to price the IPO on Feb. 1 and list its shares on the Hong Kong stock exchange Feb. 11., according to the prospectus.

Hongqiao said it will use the proceeds to expand its production capacity and for working capital.

J.P. Morgan Chase & Co. is the sole global coordinator, while J.P. Morgan; Barclays Capital, the investment banking arm of Barclays PLC; BNP Paribas SA; Bocom International Holdings Co.; and ICBC International Capital Ltd. are joint bookrunners for the IPO, China Hongqiao said in the prospectus.

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