Bank of China

BOCHK, Joseph Lau invest in Xiashun IPO

PUBLISHED : Thursday, 22 November, 2007, 12:00am
UPDATED : Thursday, 22 November, 2007, 12:00am

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.