Huaye Iron plans IPO to raise $780m.

(From The Standard)

Byline: Carol Chan and Wong Ka-chun

Shanghai Huaye Iron & Steel Group, a leading steel processing and logistics firm in the mainland, aims to raise about HK$780 million in a Hong Kong initial public offering next year, according to market sources.

The privately owned company, established in 1991, has picked CITIC Capital as sponsor to handle the sale.

With a registered capital of 210 million yuan (HK$201.41 million), Huaye has ranked 165th among the mainland's 500 top enterprises and seventh among privately owned enterprises.

It has 23 wholly and jointly owned ventures across 15 provinces, with a steel sales …