China's Fuyao Glass plans to raise up to $950m in HK IPO

Chinese automotive glass maker Fuyao Glass Industry Group plans to raise up to $950m (£642.4m, €902m) through a Hong Kong flotation.

The Shanghai-traded company plans to offer about 439 million new shares in an indicative range of HK$14.80 to HK$16.80 each, putting the total deal at up to HK$7.38bn, IFR reported.

Pursued by Reuters, Fuyao Glass did not immediately respond to an email seeking comment.

The Fuyao stock finished 0.54% higher on 16 March, valuing the firm at some 30.08bn yuan ($4.8bn). The scrip has gained 23% so far this year.

Fuyao Glass's customers include General Motors and Volkswagen's luxury car brand Audi.

Chinese IPOs

Orient Securities Company's $1.6bn Shanghai initial public offering (IPO) was oversubscribed by a factor of over 90 last week, as investors rushed to grab a piece of the Chinese brokerage amid soaring industry profits.

The roughly 10bn yuan share sale attracted over 930bn yuan, or about a £100bn, according to an Orient Securities statement.

Fuyao Glass, whose clients include General Motors and Volkswagen's luxury car brand Audi, received regulatory permission to issue up to 505.6 million H-shares and to list in Hong Kong on 27 February.

Earlier, a report said the Postal Savings Bank of China, which has the most branches of any Chinese lender, could raise at least $1bn from investors ahead of a planned multi-billion dollar IPO.

The lending unit of state-owned China Post intends to sell the stake this year, Bloomberg reported in January. The bank wants to raise more than $4bn through planned Hong Kong and Shanghai flotations, the news agency reported earlier.