Mainland contractor Metallurgical Corp of China launched its US$2.5 billion H-share offering yesterday, the biggest Hong Kong initial public offering since China Railway Construction Corp's US$2.7 billion share sale in March last year. Investors can take their pick of new stock offerings at the moment, with more than 12 listings due to hit the market this month. China Railway is by far the biggest, with some of the other offerings seeking to raise as little as US$50 million. Glorious Property Holdings is also marketing its US$1 billion share sale to fund managers. The offering is expected to be completed early next month. Glorious is selling 2.25 billion shares, of which 83 per cent are new shares and the rest sold by existing shareholders. It launched a one-week pre-marketing session yesterday, according to a sale document obtained by fund managers. The roadshow is expected to run from September 14 to 24. The public offering will start on September 21 and end on September 24, with pricing set for September 25. Trading is scheduled to begin on October 2. 'The firm is certain to invite strong names as cornerstone investors, because the chairman has good connections in the China stock market,' said a source close to the offering. JP Morgan and Deutsche Bank are sponsors, while UBS is a bookrunner. The developer is based in Shanghai but wants to expand to cities and provinces such as Beijing, Wuxi, Suzhou, Nantong, Hefei, Shenyang and Harbin, according to Deutsche Bank. Metallurgical has secured five cornerstone investors - Citic Pacific, Bank of China, China Overseas Land & Investment, China Communications Construction and China Construction Bank - each investing US$50 million, according to the term sheet. The listing candidate is selling 2.87 billion shares in Hong Kong at HK$6.16 to HK$6.81 each. Of the shares offered, 90.9 per cent will be new H shares, while the rest will be sold to the state-owned National Social Security Fund. Together with a share sale in Shanghai, it will represent 18.3 per cent of the firm's outstanding share capital. Citi, China International Capital Corp, Citic Securities and Morgan Stanley are joint bookrunners.