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At least eight more mainland companies have mapped out Hong Kong listing plans to raise as much as $3.05 billion this year, hoping to be invigorated by the vibrant fund market.

The eight firms are from sectors including property development, auto accessories, beverages and retail. They are seeking funds to fuel capacity development and business expansion.

SOHO China, the country's leading real estate developer, plans to raise HK$3.12 billion in an initial public offering in Hong Kong scheduled for June and sponsored by seasoned underwriters Goldman Sachs and HSBC Holdings.

This is the second time SOHO China has planned a share sale in Hong Kong. It made a listing proposal in 2003, but gave up due to the then bleak market.

Another two Shenzhen-based property developers Excellence Group and Tianli Property Group hope to raise HK$1.56 billion and HK$2.34 billion respectively.

Beverage processors Hunan Taizinai Group and Huiyuan plan to follow the path of peer China Mengniu Dairy Co Ltd, which has performed well since it listed in Hong Kong.

Mengniu, which manufactures and distributes dairy products nationwide, listed in Hong Kong in June 2004 as the mainland's first public dairy company. Its share price soared over 24 percent on the first day.

Hunan-based Taizinai said it had already received a $73 million injection from investment banks, and hopes to float in Hong Kong in the middle of 2007 at the earliest.

Founded in 1992 in Beijing, Huiyuan mainly produces fruit and vegetable juice. It plans to raise HK$2 billion in the first quarter in Hong Kong, hoping to improve its beverage output capacity.

(China Daily 02/03/2007 page10)

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