Little interest in China Molybdenum share sale

China Molybdenum (3993.HKG) raised a disappointing US$95 million on its Shanghai share offering Thursday, Reuters reported. The chemical maker originally expected to bring in US$580 million for funding new projects. China Molybdenum sold 200 million shares at US$0.48 per share, widely missing its 542 million-share goal, according to a Shanghai stock exchange filing. Low interest in the sale reflected waning demand for resources in an economic downturn. One symptom of recent economic malaise has been a lethargic Chinese stock market, which has lead certain firms such as China Communications Construction (1800.HKG, 601800.SHA) and CITIC Heavy Industries to delay offerings or make smaller deals. Essence Securities and BOC International underwrote the China Molybdenum offering.