Tangshan Guofeng planning HK listing

Medium-sized steel maker Tangshan Guofeng said it plans a Hong Kong listing to raise as much as US$500 million in funding to be used to expand production capacity. The Hebei province-based company will work with JP Morgan and Ernst & Young to prepare for the listing. The firm was founded in 1993 through the consolidation of four Tangshan steel companies. Company executives said the firm is 51% controlled by China Travel Service and 49% held by the Guofeng municipal government.