West China Cement is seeking HK$1.39bn (US$179m) in a Hong Kong share sale after delisting from London to seek a better valuation for its stock.
“Our stock has been severely undervalued in UK. I believe more enterprises will follow suit in the near future.” Zhang Jimin, chairman and chief executive officer of the Shaanxi, China-based cement maker, said at a press conference in Hong Kong today.
West China Cement plans to delist from London’s Alternative Investment Market (AIM) on August 23 and start trading in Hong Kong on the same day, according to a term sheet for the sale obtained by Bloomberg News. Zhang said his company is the first Chinese firm to make such a move.