UPDATE 1-Two China companies set June date for U.S. IPOs

NEW YORK, June 11 Thu Jun 11, 2009 11:40am EDT

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NEW YORK, June 11 (Reuters) - Two Chinese companies have set a late June date for their U.S. initial public offerings, the underwriters of their deals said on Thursday, signaling a pick-up in the return of foreign IPOs.

Duoyuan Global Water Inc DGW.N, a Beijing distributor of water treatment equipment, seeks to raise about $70 million, while Chemspec International Ltd CPC.N, a Shanghai-based maker of specialty chemicals, hopes to raise about $64.8 million in its own deal.

Both are set to price on June 23 and begin trading the next day on the New York Stock Exchange.

If the deals go ahead as planned, they will bring to three the number of IPOs by Chinese companies on a U.S. exchange so far in 2009, following the $120 million stock flotation by Chinese video-game maker Changyou.com Ltd (CYOU.O), an offshoot of Chinese Internet portal Sohu (SOHU.O).

That deal followed a six-month spell with no IPOs by foreign companies in the United States.

Duoyuan's IPO is being book-run by Piper Jaffray, while Chemspec's deal is being underwritten by Credit Suisse (CSGN.VX) and Citi (C.N). (Reporting by Phil Wahba, editing by Maureen Bavdek)

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