Iron ore firm Lung Ming eyes $1 bln HK IPO -report

June 23, 2008

June 23rd (Reuters) – Hong Kong Lung Ming Investment Holdings, which owns and operates a Mongolian iron ore mine, plans to raise up to US$1 billion in a Hong Kong initial public offering before the end of 2008, a newspaper reported on Monday.

Lung Ming was expected to submit a listing application shortly for the deal, which was being sponsored by Morgan Stanley (MS.N: Quote, Profile, Research) and Credit Suisse (CSGN.VX: Quote, Profile, Research), the Hong Kong Economic Times quoted sources as saying.

 

Hopu Investment Management, a private equity fund founded by Goldman Sachs’ (GS.N: Quote, Profile, Research) China partner Fang Fenglei, and Temasek Holdings [TEM.UL] jointly invested US$300 million in Lung Ming this year, the newspaper said.

 

It gave no further listing details.

 

Lung Ming owns an iron ore mine project in Eruu Gol in Mongolia, near Russia’s industrial city Darhan.

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