Xingtai Precision Steel Wire Rod Group, the mainland’s largest producer of high-end steel wire rods, plans to raise at least US$1 billion through an initial public offering in Hong Kong in the second half of this year, reported the South China Morning Post. The Hebei-based steelmaker was restructured in 2004 when Business Network International transformed the state-owned enterprise into a Chinese-foreign venture. BNI has taken a 26% stake in Xingtai worth US$150 million. Sources said Xingtai had mandated Macquarie Securities and Somerley as joint sponsors for the flotation. The former will also act as global bookrunner and lead manager.