China's MCC seeks double listing to raise $5.3 billion

The Metallurgical Corp of China (MCC), the state-owned construction, infrastructure and equipment giant, is seeking to raise up to $5.3 billion via dual listing on the Shanghai and Hong Kong stock exchanges before time runs out, reports said.

The China Securities Regulatory Commission lifted a 10-month ban on new initial public offers in July, ending a proscription aimed at propping up the country's two stock markets at Shanghai and Hong Kong. However, a steep fall in Shanghai in August has reportedly prompted the government to again go slow on new IPOs.

According to a Reuters report, MCC will issue 3.5 billion 'A-shares' at a price ranging from 5-5.42 yuan apiece in Shanghai to raise up to 18.97 billion yuan $2.78 billion. Another 'H-share' offer would see MCC sell up to 2.871 billion H-shares at a price ranging from HK$6.16 to HK$6.81.