Macau glue maker seeks HK$93m in IPO
Macau-based Infinity Chemical, a glue maker for shoes, is seeking up to HK$93.75 million in a Hong Kong initial public offering. The company, which will move its two production plants in Zhuhai and Zhongshan to Nansha, is building two more factories in Vietnam and Bangladesh. It wants to increase its market share on the mainland by selling glue to sportswear brands such as Li Ning and Anta Sports. The firm's net profit for last year was HK$30.3 million, down from 2008's HK$31.1 million. The indicative price range is set at HK$0.585 to HK$0.75, and the target listing date on the Hong Kong stock exchange is August 12.