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(Bloomberg) — Chinese aluminum smelter Chuangxin Industries Holdings Ltd. has started taking orders for its Hong Kong initial public offering, drawing in big investors including Swiss commodity giant Glencore Plc and asset managers Hillhouse Investment Management and Millennium Management LLC.
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Chuangxin, based in China’s Inner Mongolia, is seeking as much as HK$5.5 billion ($707 million) in its IPO, the company said in a listing document dated Friday. It is offering 500 million shares at HK$10.18 to HK$10.99 each.
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Glencore, Hillhouse, Millennium and other cornerstone investors — which get guaranteed allocations in the IPO in exchange for holding the shares for at least six months — have agreed to buy about $336 million worth of stock. Other cornerstone investors include China Hongqiao Group Ltd., the country’s largest private aluminum producer, Mercuria Energy Group and trading juggernaut Jane Street Group LLC.
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Bloomberg News earlier reported on the IPO’s upcoming launch and some of the investors’ participation.
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The offering comes amid a buoyant market for aluminum, which is trading near a three-year high as construction of AI data centers helps fuel demand. There has also been a recent comeback for Hong Kong’s share-sale market — Hillhouse, Millennium and Jane Street have participated as cornerstone investors in other Hong Kong IPOs this year.
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Chuangxin said it plans to use about half of net proceeds for expanding overseas production, and the rest for green-energy projects, working capital and general corporate uses. It is set to list its shares on Nov. 24.
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The company mainly engages in the production of primary aluminum and alumina. Its biggest customer is Shanghai-listed Innovation New Material Technology Co. Chuangxin Chairman Cui Lixin, who also heads Innovation New Material, owns the company and will hold about three-quarters of shares after the IPO, the company’s prospectus shows.
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China International Capital Corp. and Huatai Securities Co. are joint sponsors of Chuangxin’s IPO.
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