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Shares in China Hanking Holdings, an iron ore mining and concentrates company controlled by Forbes China Rich List member Yang Min, fell by 2.4% on their debut at the Hong Kong Stock Exchange today.
The decline was about in line with a 2.3% drop in the exchange’s benchmark Hang Seng Index amid worries the economic growth outlook and tight credit in the mainland.
China Hanking, launching the sale in a bear market, priced its stock at the low end of the expected range. The IPO was supported by three well-known cornerstone investors: Baosteel Resources International, a subsidiary of Chinese government-controlled steel maker Baosteel Group, agreed to buy $10 million of shares, Hong Kong investment company SAIF Partners, which has backed Nasdaq-listed, China-based companies such as Global Education, ATA, Shanda Interactive and Perfect World, purchased $30 million of shares, and Gold Mountains, a subsidiary of Hong Kong-listed Zijin Mining Group, bought $20 million, according to filings Zijin is partly owned by Chinese billionaire Chen Fashu, who ranked no. 323 with wealth of $3.4 billion on the 2011 Forbes Billionaires List.
Yang and her family ranked no. 299 on the newly released 2011 China Rich List with projected wealth of $610 million.
source: forbes.com
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