Renhe, COFCO to list in Hong Kong

Underground shopping center operator Renhe Commercial Group and China Oils & Foodstuffs Import & Export Corp’s (COFCO Group) packaging unit are planning large initial public offerings in Hong Kong this year, the South China Morning Post reported. Renhe will complete a US$1 billion IPO after the October 1 National Day holiday, while COFCO is expected to raise at least US$156 million in a flotation before the end of the year. Renhe, which received a total of US$300 million in investments from New World Development, Sequoia Capital China and Capital International in January, originally intended a US$2 billion listing, but halved its plans due to the slumping stock market. It is expected to use the funds raised toward new underground shopping complexes in Zhengzhou and Shenyang. COFCO Packaging’s listing would be the third unit of COFCO Group to be listed in Hong Kong, following China Agri-Industries and China Foods.