Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Lygend Resources & Technology Co., a Chinese nickel producer and trader, raised about HK$3.67 billion ($470 million) in its Hong Kong initial public offering, according to people familiar with the matter.
The Ningbo-based company priced the offering at HK$15.80 per share, near the bottom of its marketed range, said the people, who asked not to be identified as the information is private. The company had previously marketed 232.5 million shares at HK$15.60 and HK$19.96 apiece.
An external representative for Lygend didn’t immediately respond to a request for comment.
The offering is the largest in Hong Kong since CALB Co. raised $1.3 billion in a first-time share sale at the end of September. Lygend’s listing kicks off what’s expected to be a busy end to the year for IPOs in the Asian financial hub, where proceeds slumped 71% versus the same period last year, according to Bloomberg calculations. The market has faced headwinds ranging from rising interest rates to the impact of Covid-19 lockdowns on China’s economy.
A recent rebound in Chinese shares has been followed by several Chinese firms resuming listing plans in the Asian hub. Sunshine Insurance Group Co. could begin taking orders by the end of this month for an offering of about $1 billion, Bloomberg News reported in October. DPC Dash Ltd., Domino’s Pizza’s exclusive franchisee in mainland China, Hong Kong and Macau, started gauging investor interest for its IPO this week.
Five cornerstone investors will subscribe to about 60% of Lygend’s offering, according to an exchange statement. An unit indirectly controlled by battery maker Contemporary Amperex Technology Co. Ltd. is buying HK$783.9 million worth of shares priced at the mid-point of the range.
Shares are slated to start trading in Hong Kong on Dec. 1. China International Capital Corp. and CMB International Capital Ltd. are joint sponsors of the share sale.
(By Pei Li and Filipe Pacheco)
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