A Hong Kong court is on Thursday expected to give the go-ahead to a controversial Chinese-led offer to acquire Asia Aluminum, a high-profile mainland company placed in provisional liquidation this year after foreign investors spurned a $1.2bn debt restructuring.

Ferrier Hodgson, the provisional liquidator, has scheduled a court hearing to seek approval for the sale of three key units of Asia Aluminum to a management-backed consortium called Golden Concord Pacific, for about $500m including debt.