Chinese state-owned auction house and entertainment company Poly Culture Group is raising US$331 million in an initial public offering in Hong Kong, making it the first Chinese auction house to list in the city, The Wall Street Journal reported, citing a term sheet. The group started taking orders from investors on Thursday, selling 77.8 million shares in an indicative price range of HK$28.20-HK$33.00 (US$3.64-US$4.26) each, the term sheet showed. The price range represents 14.5 times-17 times the forecasted earnings for 2014, according to a person familiar with the situation.
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