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¡¡¡¡JINAN, Nov. 17 (Xinhuanet) -- Xiwang Sugar, China's largest corn sweetener
producer, will get listed on Hong Kong stock market earlier next month, a deal
in which China Construction Bank (CCB) International Capital will act as a sole
sponsor for the first time.
¡¡¡¡The company, b
ased in east China's Shandong Province, will sell 280 million
shares, for 1.70 HK dollars to 2.05 HK dollars per share, to raise at least 450
million HK dollars to expand its production capacity, according to market
observers close to the deal.
¡¡¡¡CCB International Capital, the wholly owned unit of CCB, which helped its
parent banking complete the 62.2 billion HK dollars IPO last month, will act as
the sole global coordinator, book runner and lead manager of the deal, according
to sources with CCB.
¡¡¡¡CCB International Capital will then be given options to purchase three
percent of its first significant client's shares over a period of six to 48
months, under a bridge loan agreement between CCB and Xiwang, the Hong
Kong-based newspaper the Standard reported.
¡¡¡¡"We plan to increase our glucose crystals production capacity to 450,000
tons next year, from 250,000 tons this year, the paper quoted Wang Yong, Xiwang
Corporation's chairman, as saying.
¡¡¡¡Xiwang Sugar, mainly processing corn starch and glucose powder for export
to 15 countries, produced 200,000 tons of glucose powder last year, or 34
percent of the country's total, the company's statistics showed.
¡¡¡¡And Wang said the company expected to enlarge its global market and make
exports accounting for 20 percent of sales by 2007. Enditem
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