Inner Mongolia Sanwei Said to Plan $200 Million Hong Kong IPOFox Hu
Inner Mongolia Sanwei Resources Group Co., a Chinese producer of coal, silicon and magnesium, plans to seek about $200 million in an initial public offering in Hong Kong, two people with knowledge of the matter said.
The company, based in Ordos city near China’s border with Mongolia, has submitted an application to the Hong Kong stock exchange and may start the share sale this year, said the people, who asked not to be identified because the information is private.
BOC International Holdings Ltd., BNP Paribas SA, Credit Suisse Group AG and Morgan Stanley are managing the offering, the people said. Two calls to Inner Mongolia Sanwei’s head office in Ordos went unanswered.
Companies have raised $5.9 billion in Hong Kong IPOs this year, more than double the proceeds for the same period of 2012, according to data compiled by Bloomberg. Inner Mongolia Yitai Coal Co. raised $903 million from a Hong Kong share sale in July last year, Bloomberg data show. The company’s shares have fallen 29 percent from the offer price as coal prices slumped.