China Metal Recycling plans Shanghai listing

Scrap-metal recycler China Metal Recycling (0773.HK) said it is looking to pursue an initial public offering in Shanghai in the next three to five years, the South China Morning Post reported. Jacky Chun Chi-wai, the company’s chairman and chief executive, said the plans were in an initial stage, but that the opening of its China headquarters last week in the Shanghai Stock Exchange Building reflected its long-term listing plans. Chun said the company intends to become one of the world’s largest scrap-metal processors within five years. China Metal Recycling, registered in the Cayman Islands, raised US$199 million in its Hong Kong IPO last year. To date, Beijing has never given approval to a foreign-registered company to hold an IPO in Shanghai.