Galanz considers $1b IPO

Microwave oven maker Galanz said it hopes to raise up to US$1 billion in a domestic initial public offering that could come by the end of the year, the South China Morning Post reported. A company spokesman declined to set a specific timetable for the listing, but analysts said a bearish market may force the company to reduce its expectations for fund raising to closer to US$500 million. The improved performance of China’s A-share market – the Shanghai Composite Index ended Friday up 27.46% for the year to date – has led to expectations of a rebound in listing activity. The China Securities Regulatory Commission had suspended its listing review process in September to prevent an influx of new shares onto the market.