Mongolian Mining flat, Suntien down ahead of HK debut

Oct 14 • Finance • 573 Views • No Comments on Mongolian Mining flat, Suntien down ahead of HK debut

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Oct 13 (Reuters) – Shares of Mongolian Mining Corp, Mongolian’s largest privately-held domestic producer and exporter of coking coal, were indicated to open flat ahead of their Hong Kong trading debut on Wednesday, following a $650 million IPO.

Mongolian Mining 0975.HK, whose Ukhaa Ukudag (UHG) mine is roughly 245 km from Mongolia’s border with China, saw its pre-open market price at HK$7.02, same as a Hong Kong IPO price of HK$7.02, the middle of its indicative range.

Separately, China Suntien Green Energy 0956.HK, was indicated to open 9.8 percent lower at HK$2.40 ahead of their Hong Kong trading debut on Wednesday, following a $369 million IPO.

Citigroup (C.N) and JP Morgan (JPM.N) are joint global co-ordinators and joint bookrunners for Mongolian Mining’s IPO while Macquarie is handling Suntien’s IPO.

Hong Kong capital markets are seeing a flurry of offerings thanks to strong market momentum as liquidity continues to flow in because of a weak U.S. dollar and low interest rates. (US$1=HK$7.75) (Reporting by Kennix Chim, Editing by Jacqueline Wong)

Source: Reuters

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