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Haitian International Raising Up To $150 Million US In Hong Kong IPO in December

HONG KONG -(Dow Jones)- Haitian International Holdings Ltd. plans to raise up to US$150 million in a Hong Kong initial public offering in December, said a person familiar with the deal Friday.

The Ningbo-based company has hired BNP Paribas SA and UBS AG to manage the deal. The company specializes in making plastic injection molding machines, which are used to make items such as car bumpers.

The IPO will come at the end of a record year for fund-raising in Hong Kong. So far this year, Chinese companies have sold US$33.7 billion worth of shares in the city, compared with US$20 billion last year, according to capital markets data provider Thomson Financial.

There are a number of deals that will list before the year's end to take advantage of market conditions in Hong Kong. The city's benchmark index has hit record highs in recent weeks and continues to trade above 19,000.

China Communications Construction Co., which is planning to raise around US$ 1.5 billion, will list in mid-December, and China National Coal will closely follow. Analysts said huge investor demand for Chinese equities should support the share prices of new listings.