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MARKETS & INVESTING | Staff Reporter, Hong Kong

Metal producer Shandong Gold raises $4.82b in IPO priced at low end

The firm sold 327.7 million shares priced at $14.70 apiece.

Bloomberg reports that Shanghai-listed metal producer Shandong Gold Mining Co., has raised $4.82b in a Hong Kong share sale priced at the low end of a marketed range.

The firm sold 327.7 million shares at $14.70 apiece although the shares were initially offered at $14,70 to $18.38 each. The offering lured five cornerstone investors including rival gold producer Zhaojin Mining Industry Co. and China National Gold Group Corp.’s asset management arm.

Also read: Trade jitters and bearish equities weigh heavily on Hong Kong's 2019 GDP growth forecast

Chinese firms have continued raising capital in Hong Kong even as the benchmark Hang Seng Index trades at about 17% from its January peak and even briefly entered bear territory in September 11 on the back mounting trade tensions and emerging market-sell off.

Here’s more from Bloomberg:

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