A HONGKONG-based metals trader with connections to the world's biggest iron and steel plant - the Magnitogorsk Metallurgical Works in Russia - is seeking to list on the Stock Exchange of Hongkong.
''We are seriously considering a listing,'' said Mr Justin Chu Chung-kin, managing director of the Linkful Group - the only Hongkong firm that trades directly with Russian steel suppliers.
''Our priorities are to look for business-related opportunities that will enhance our present business and increase profits, which we can use to finance other projects.'' He hinted that the three-year-old Linkful Group, which trades in pig iron, steel billets, hot and cold rolled coils and sheets, and cobble plates worldwide, might list as early as March.
''We do have plans. We're seeking every possible way to raise funds, so we hope everything is smooth and that things are approved, but at this stage it's not convenient to release anything.'' Turnover for the group last year was $3.5 billion, nearly double the previous year.
While Linkful's main business is the steel trade, it also has interests in shipping, insurance, medical and consumer-related businesses, and owns a 23,000-tonne ship.
Most of its steel products are sourced from Russia, which accounts for 50 per cent of the group's total business, while the rest comes from South Africa, Argentina, Turkey and China.