Business
        

Companies

Hainan Rubber rounds off big year for China IPOs

Updated: 2010-12-30 15:48

(Agencies)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

SHANGHAI - China Hainan Rubber Industry priced its Shanghai initial public offering (IPO) at the top end of an indicative range, raising $709 million in what could be a harbinger of a steady deal flow next year in China, the world's top market for IPOs, Reuters reported Thursday.

Hainan Rubber, a leading Chinese rubber producer based in the southern island province of Hainan, set the offer price for its IPO at 5.99 yuan (90 cents) a share, said the report, citing a statement published on Thursday.

Companies of modest size such as Hainan Rubber are expected to make up the majority of new IPOs coming to the market in 2011, said Zhang Ying, an analyst at Industrial Securities in Shanghai.

According to the report, Hainan Rubber said its IPO proceeds will be spent on expanding its rubber production, upgrading technology and supplementing working capital.

Related readings:
Hainan Rubber rounds off big year for China IPOs Datang comes up short at IPO
Hainan Rubber rounds off big year for China IPOs Bank boosted by Hong Kong IPO
Hainan Rubber rounds off big year for China IPOs China's Bona film group issues IPO on NASDAQ
Hainan Rubber rounds off big year for China IPOs Dangdang soars in IPO debut

The company has not yet set its listing date, saying it will list as soon as possible following the final pricing, the report said.

According to the report, global IPOs have hit a record this year with companies expected to have raised more than $300 billion in IPO proceeds, said advisory firm Ernst & Young.

Chinese issuers made up over 46 percent of global IPOs in terms of IPO proceeds, raising $117.9 billion in 442 deals for the first 11 months of 2010, the firm said.

 

E-paper

Ear We Go

China and the world set to embrace the merciful, peaceful year of rabbit

Preview of the coming issue
Carrefour finds the going tough in China
Maid to Order

European Edition

Specials

Mysteries written in blood

Historical records and Caucasian features of locals suggest link with Roman Empire.

Winning Charm

Coastal Yantai banks on little things that matter to grow

New rules to hit property market

The State Council launched a new round of measures to rein in property prices.

Top 10 of 2010
China Daily in Europe
The Confucius connection