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Nickel unit seen ready for IPOs

By Patricia Cheng (Shanghai Daily)
Updated: 2007-02-05 11:41

Xinjiang Nonferrous Metal Group plans to raise HK$2.5 billion (US$320 million) selling shares in its nickel unit in Hong Kong and Shanghai in the first half of the year, the Standard reported, citing unidentified people.

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The company, China's second-biggest nickel producer, may raise more than HK$1.5 billion (US$192 million) in an initial public offering in Hong Kong before selling one billion yuan (US$125 million) worth of shares in Shanghai, the Hong Kong-based newspaper said.

Xinjiang Nonferrous' revenue rose 50 percent to three billion yuan last year and may exceed five billion yuan this year, the paper said. The company had assets of 4.47 billion yuan as of December 31, it said. The paper didn't provide financial data for the nickel unit.

The company is located in Xinjiang Uygur Autonomous Region in western China, which has abundant natural resources and metals, Bloomberg News said.

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