Hangzhou-based New Century Hotel Group and Macau casino operator Melco Crown Entertainment (MPEL.NASDAQ) are planning to raise up to US$400 million and US$600 million, respectively, in Hong Kong initial public offerings this year, the Wall Street Journal reported. The planned IPOs underscore the tremendous appetite for new listings in Hong Kong – despite current global market volatility that has seen companies like China Shipping Nauticgreen Holdings and China Everbright Bank (601818.SH) postpone their IPOs. New Century Hotel, backed by US private equity firm Carlyle Group, may go public in September as it aims to tap into China’s strong demand for travel services. Meanwhile, Melco Crown has applied to the Hong Kong stock exchange for a proposed dual listing in the fourth quarter, which it believes will help it compete against other casino operators.
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