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George Chen & Michael Flaherty
Chinese iron ore miner Lung Ming, partly invested by private equity firm Hopu and Singapore’s state investor Temasek, plans to list shares in Hong Kong to raise up to $1 billion, according to sources.
If successful, Lung Ming’s Hong Kong IPO would be the first investment exit for Hopu, a $2.5 billion fund run by top Chinese dealmaker Fang Fenglei, who helped Goldman Sachs set up its China investment banking joint venture.
Lung Ming, which owns and operates a Mongolian iron ore mine, aims to raise between $500 million and $1 billion and an initial public offering of shares is likely to take place in the fourth quarter, said the sources.