Two Chinese firms eye IPOs worth $10b in HK

Chinese minerals refiner Ubridge and home rental platform Ziroom will be some of the biggest new listings in Hong Kong, raising altogether more than HK$10 billion.

Guangdong Ubridge New Material Technology, a refiner of minerals including titanium and zirconium, is considering a Hong Kong initial public offering that could raise about US$300 million (HK$2.34 billion), say people familiar with the matter.

The company based in Maoming, Guangdong, has picked BNP Paribas and China Securities International to help arrange the first-time share sale, the people said. A listing could happen as soon as next year.

The refiner is also exploring a funding round ahead of the IPO to bring in some strategic investors.

Considerations are preliminary and details of the fundraising including size and timeline could still change, the people said.

A representative for Ubridge declined to comment, while representatives for BNP Paribas and China Securities International did not respond to requests for comment.

Founded in 1989, Ubridge has more than 400 employees and an annual processing capacity of 300,000 tons for products including titanium ore, zircon sand and natural rutile, its website says. It has started building long-term cooperation with overseas miners and looking for mines outside China.

Meanwhile, Chinese home rental platform Ziroom is reportedly looking to submit an application to list in Hong Kong in the third quarter at the earliest, say mainland media.

At US$1 billion (HK$7.8 billion), Ziroom's IPO could be Hong Kong's largest since electric vehicle battery maker CALB's US$1.3 billion listing in October last year, data compiled by Bloomberg shows.

Founded in 2011, Ziroom's Chinese name "zi ru'' means carefree. It signs up homeowners who want to rent their properties out, refurbishes the homes on standardized templates and sub-leases them to tenants.

It also offers services such as cleaning and maintenance for the tenants. SoftBank Vision Fund invested in the startup in 2019.