HONG KONG -（Dow Jones）- China Hongqiao Group Ltd., a Chinese aluminum producer, has decided to delay the launch of the retail tranche of its up to US$2.2 billion initial public offering, but still intends to list on the Hong Kong stock exchange Feb. 11, a person familiar with the situation said Tuesday, without providing a reason for the delay.
The company began institutional bookbuilding for the IPO on Monday and was scheduled to start the retail offering Wednesday, according to the preliminary listing prospectus.
Hongqiao will use the IPO proceeds to expand its production capacity and bolster its working capital, the prospectus said.
J.P. Morgan Chase & Co. is the sole global coordinator of the IPO, and J.P. Morgan, Barclays Capital, BNP Paribas SA, Bocom International and ICBC International Holdings Ltd. are joint bookrunners, the prospectus said.
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