Metallurgical Corp of China (MCC), which is raising up to $5.3bn in a dual listing, attracted a better-than-expected Rmb1,600bn ($234bn) in subscriptions from Shanghai investors, underlining the strength of demand for beneficiaries of Beijing’s stimulus package.
The strong appetite for what will be the world’s second-largest initial public offering so far this year comes amid growing expectations that China will soon allow foreign companies and red-chips (mainland companies incorporated and listed in Hong Kong) to list in Shanghai for the first time.
