Four candidates court investors with promises of growth and big dividends as they seek a combined $2.3b next month Four listing candidates have rushed their retail tranches to market today, competing to raise a combined $2.34 billion before the Christmas holidays. Silk apparel manufacturer China Ting Group, which is set to have the largest offering of up to $1.1 billion, has an unusually long retail offering period, running until December 8. 'The retail offering period is set to match with the institutional book, which will close next Thursday. A longer offering period will allow retail investors to be more flexible,' a spokesman said. China Ting is offering 500 million shares at between $1.80 and $2.20 and is expected to begin trading on December 15. BNP Paribas is sponsoring the listing. The retail tranches of the other three newcomers - Fittec International Group, Xiwang Sugar Holdings and China Flavours and Fragrances - will run until December 5. Fittec, which assembles parts for electronics products such as motherboards, hard-disk drive controllers and mobile LCD controllers, estimated it would have reached its production capacity by the middle of next year. Fittec executive director Anita Wu said the company planned to build factories in Suzhou and Shenzhen, taking its production lines to more than 150 from 102. The electronic manufacturing services provider aims to raise up to $552 million by selling 240 million shares at between $1.60 and $2.30 each. It has earmarked 35 per cent of the funds raised for building factories. To improve gross profit margins, Fittec will focus on the high-margin pure assembly business. Pure assembly accounted for 24 per cent of the firm's turnover last year, with the remainder coming from procurement and assembly services. The company's trading debut is scheduled for December 14 and ABN Amro Rothschild is the bookrunner for the deal. Also courting investors is Xiwang, which plans to pay 40 per cent to 45 per cent of its profit as dividends. The company projected a net profit of $188 million this year, 130 per cent up on last year's net profit, according to its listing prospectus. 'The main reason for our large profit growth this year is increased output. Falling raw material prices will also boost profits,' Xiwang chairman Wang Yong said. This year, Xiwang, one of the mainland's largest sugar manufacturers, increased glucose production to 250,000 tonnes from 200,000 tonnes last year while starch processing grew to 400,000 tonnes from 250,000 tonnes. Xiwang is offering 280 million shares at between $1.70 and $2.05 each, raising up to $574 million, of which $320 million will fund the building of a glucose plant and a starch processing plant, which will start production by the third quarter next year. It will use $60 million of its offer proceeds to repay debt. Xiwang's shares will start trading on December 9 and China Construction Bank International Capital is sponsoring the listing. Meanwhile, China Flavours and Fragrances has its eye on raising up to $120 million by selling 100 million shares at $1 to $1.20 each - 7.1 to 8.6 times forecast earnings of $55 million for this year. The company is brought to market by Sun Hung Kai International and its shares will start trading on December 9. Separately, Minth Group had priced its offer just below the mid-point of the range at $2.25, allowing it to raise $450 million before tomorrow's trading debut, a source familiar with the deal said. The car-parts manufacturer offered 200 million shares at $1.98 to $2.56 each through sole sponsor and bookrunner Cazenove Asia.