Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
Lygend Resources & Technology Co., a Chinese nickel producer and trader, advanced in its Hong Kong debut on Thursday, the first among eight newcomers to list in the Asian financial hub this month.
The stock ended at HK$15.80 each, the same price they were sold at and close to the bottom of a marketed range. The Ningbo-based company’s offering raised about HK$3.67 billion ($470 million), Hong Kong’s largest listing since CALB Co. in early October.
After a slow year for IPOs in Hong Kong due to rising interest rates, geopolitical woes and fears of the impact of Covid-19 lockdowns on China’s economy, December is poised to be the busiest month for debuts since July. An offering by China’s Sunshine Insurance Group Co. is set to be the largest of them, with the firm now taking orders for an offering as large as HK$7.4 billion.
Shares of four of the eight firms that made their debuts in the city this year following offerings of at least $250 million ended their first session lower, according to data compiled by Bloomberg. Performance-to-date shows seven of the starters are now trading under water.
Five cornerstone investors subscribed to about 60% of Lygend’s offering, according to an exchange statement. A unit indirectly controlled by battery maker Contemporary Amperex Technology Co. is buying the largest stake within the anchor group.
China International Capital Corp. and CMB International Capital Ltd. are joint sponsors of Lygend’s share sale.
(By Filipe Pacheco, with assistance from Pei Li)
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