State-owned China Railway Signal & Communication Corp. plans to start taking orders for an up to USD 2 billion Hong Kong initial public offering, The Wall Street Journal reports.
The Beijing-based firm plans to take orders from institutional investors and to list on the Hong Kong stock exchange on August 7, a person who has direct knowledge of the deal said. With its access to global investors, Hong Kong is a favorite venue for multibillion-dollar listings by Chinese companies.
The potential deal would be the world’s first major offering since China’s stock markets began coming off seven-year highs in mid-June. Despite a government-engineered revival since then, China and Hong Kong’s stock markets remain down from those peaks.
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