Fuyao Glass to seek US$700m local listing

Fuyao Glass Industry Group, the world's second largest automotive glass manufacturer by sales in 2013, will seek listing approval from the local bourse today for its proposed float of US$700 million (HK$5.46 billion) to US$800 million, sources said.

Listed in Shanghai since 1993 with shares offered at 1.5 yuan (HK$1.86) apiece, the firm is valued at 29.8 billion yuan in terms of a 14.88 yuan closing price yesterday.

The Fujian-based firm plans to use the net proceeds to build plants in the United States and Russia, after having dominated 63 percent of the locally manufactured automotive glass market in China two years ago, according to its application filing.

Meanwhile, China Animation Characters closes its retail book today at noon.

The exporter of Japanese animation derivative products has received HK$45.3 million of margin orders from seven brokerage companies, close to its HK$49 million target in the retail tranche.

Four other companies stopped retail bookbuilding yesterday Beijing Chunlizhengda Medical Instruments, KTL International Holdings, Suchuang Gas and HKBN.

Mainland bone implant maker Beijing Chunlizhengda Medical Instruments is said to be oversubscribed more than 400 times.

It has been the most welcomed new listing so far this year, followed by SiS Mobile Holdings (1362) with oversubscription of 171 times.

Separately, Lei Jun, chief executive and founder of China's mobile phone upstart Xiaomi Inc, said the firm will not seek an IPO within the next five years.