China Kingstone Mining, a Sichuan-based marble mining company, is looking to raise up to HK$1.94 billion ($250 million) from a Hong Kong initial public offering to expand its capacity and distribution channels.
If the deal sails through, it will be the first sizable IPO in Hong Kong this year. Aluminium producer China Hongqiao Group planned to raise up to $2.2 billion from a share sale in January, but called off the deal before pricing, citing weak market conditions and falling light metal prices. Kingstone also looks set to become the first marble miner to list in Hong Kong. However, investors may compare it with other listed mining companies and construction material plays.
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