BOCHK, Joseph Lau invest in Xiashun IPO
Xiashun Holdings, the mainland's largest aluminium foil maker, has attracted two cornerstone investors to invest US$30 million in its up to US$257 million initial public offering in Hong Kong.
Market sources said BOC (Hong Kong) and Chinese Estates Holdings chairman Joseph Lau Luen-hung each invested US$15 million in the offering.
Xiamen-based Xiashun supplies aluminium foil for beverage firms including China Mengniu Dairy and Inner Mongolia Yili Industrial Group. It was the fourth-largest aluminium foil maker in the world last year.
'It hopes to rise to second place this year given the huge potential of the mainland's beverage market,' a source said.