Not even China Construction Bank Corp's lacklustre debut can stem the tide of China's initial public offerings, as companies queue to list despite poor market conditions that have worsened due to fears over bird flu.
Car-parts maker Minth Group plans to go to market next month after gaining stock exchange listing committee approval yesterday to launch a US$600 million initial share offering.
Sources said the company planned to offer 25 per cent of its shares to investors and was tentatively set to start pre-marketing its offering next week ahead of the retail tranche, which is to open in the middle of next month.
Minth's listing is likely to coincide with the float by Dongfeng Motor, which plans to raise as much as US$600 million.
Cazenove Asia is the sponsor of Minth's issue.
Minth is one of China's largest makers of vehicle parts, supplying customers such as Toyota Motor Corp, Nissan Motor, Honda Motor and Mazda Motor Corp. It posted a turnover of more than US$1 billion last year, with about 70 per cent of its products being sold to mainland customers.
