Building group plans Hong Kong listing

China National Building Material Group is planning an initial public offering on the Hong Kong stock exchange during the first half of 2005 to raise funds in the range of a few hundred million US dollars. The group plans to spin off assets into a new company before the listing. A spin off could include either cement, fiberglass and advanced building materials businesses or the cement business alone. Morgan Stanley will serve as advisor and Ernst & Young as auditor for the listing.