Four China Firms Get HK IPO Nod for Total $2.7 Billion – Kennix Chim

From Reuters via SignOnSanDiego:

Four Chinese firms, including property developer Soho China , have won approval from Hong Kong’s stock exchange to launch initial public offerings expected to raise a combined US$2.7 billion, sources familiar with the situation said on Friday.

The debut by one of the four – Xinjiang Xin Xin Mining Industry Co Ltd – also heralds a resumption of share listings by state-owned firms in Hong Kong, put on ice for months as Beijing focused on beefing up the quality of listed firms on its own local capital markets. Investors remain hungry to invest in new stock offerings to tap a fast-growing economy, despite a credit squeeze that has hit global markets. Beijing-based Soho, which scrapped an IPO in 2003 amid poor market sentiment, now aims to raise more than US$1 billion in Hong Kong, sources close to the deal said. [Full Text]

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