Air China invited bids from investment banks for an initial public offering (IPO) in Hong Kong that could raise up to US$500 million in 2004. Air China, the country’s largest airline in terms of assets, had initially planned to list in 2002 but postponed the IPO to 2004. The company did not give a reason for the postponement.
Bankers said Air China could raise US$300-500 million by selling a stake of some 25-30% to investors. Semiconductors plan listings At least four mainland semiconductor producers plan to list in Hong Kong or overseas in the near future. Chinese semiconductor manufacturer CSMC Technologies announced it would seek a Hong Kong listing in 2004. The company plans to more than double production capacity from 23,000 wafers monthly to 50,000 wafers monthly in the next year.
Semiconductor Manufacturing International, China’s leading chipmaker, aims to list its shares in Hong Kong and New York in the first quarter of 2004, raising between US$750 million and $1 billion. Meanwhile Hua Hong NEC has hired BNP Paribas to take it to market in the first half of 2004 and Grace Semiconductor Manufacturing, partly owned by a son of former president Jiang Zemin, has also said it is considering a listing.