Glencore to invest in Chinese aluminium smelter’s IPO
Glencore and Hillhouse Investment plan to invest in Chuangxin Industries' IPO in Hong Kong, signaling confidence in the Chinese aluminium smelter's prospects amid rising metal prices. China Hongqiao Group will also be a cornerstone investor. The IPO may raise about US$700 million, with cornerstone investors potentially buying half of the deal. Chuangxin's profitability is boosted by government-imposed capacity limits and strong demand from the renewable energy sector. The IPO is arranged by China International Capital and Huatai Securities.
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