Chinese milk producer China Huishan Dairy is scheduled to raise up to US$1.3 billion through an IPO in Hong Kong this month, The Wall Street Journal reported. China Huishan has secured three cornerstone investors for the flotation and aims to sell 3.79 billion shares at between US$0.3 and US$0.34, according to people familiar with the matter. The planned deal is expected to be Hong Kong’s largest IPO in four months. Huishan, which counts Hong Kong tycoon Cheng Yu-tung as an early investor, imports milk from Australia and grass from California.
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