Shanghai firm set for listing
SHANGHAI Petrochemical Complex has appointed Merrill Lynch and Shanghai Wanguo Securities as its global lead underwriter and A share lead underwriter, respectively, for its listing.
Shares will be issued globally through Merrill Lynch and all over China through Shanghai Wanguo.
The amount to be raised is expected to be the largest among the nine Chinese firms hoping to list in Hongkong.
Merrill Lynch Investment Banking director Henry Tsang said Shanghai Petrochemical might not be the first Chinese firm to list in Hongkong, although it was the first to appoint a financial adviser.
''I hope the company can be listed in the middle of this year, but that will hinge on our concluding details of the company's prospectus which we will start this week,'' he said.
Mr Tsang said several risk factors associated with the enterprise's initial public offer were linked mostly with its adoption of privatisation.
