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Immigration firm set for IPO first

Grace Cao

Wednesday, January 09, 2013

EK Immigration Consulting is expected to soon become the first such consultancy to list on the local stock exchange, with an initial public offering to raise around HK$100 million.

Founded by chairman Eddie Kwan in Canada in 1990, EK Immigration has offices in Shenzhen, Beijing, Singapore, Vancouver and Toronto, apart from Hong Kong.

Meanwhile, state- held natural resource giants Sinopec Group and Aluminum Corporation of China, or Chinalco, are set to revive their local spinoffs.

China Aluminum International Engineering Corp, a large- scale industrial contractor under Chinalco, will relaunch its IPO on Tuesday at the earliest.

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It aims to raise up to HK$3.12 billion - doubling the size of its aborted fundraising bid in June that was suspended due to market volatility.

Sinopec Group, the parent firm of Sinopec Corp (0386), has applied for an independent listing of its engineering and construction units. The HK$11.7 billion float is expected to be completed in May. This comes amid a red-hot IPO market. Guangzhou-based apparel supply chain provider Speedy Global Holdings booked more than 400 orders from retail investors before closing the books today for its HK$123 million float.

Each order was for HK$6.15 million, the maximum allowed.

Cheng Wai-tao, operator of two local sushi chains, has a 2 percent stake in Speedy.

Nanjing's Golden Wheel Tian Holdings will likely price its shares at the higher end of the proposed range, or HK$1.72, after the developer's HK$774 million IPO was oversubscribed by 80 times.

Separately, largest listed mainland firm China Vanke will follow China International Marine Containers (2039) in converting B shares to H by introduction, which means it will not issue new shares.

As of September 30, Vanke had 1.31 billion B shares. The conversion is worth around HK$16.44 billion.

Also, mainland timepiece dealer Time Watch starts bookbuilding for its HK$780 million IPO later this month.


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