CORRECTED - CORRECTED-UPDATE 2-Lumena Resources IPO aims to raise $190 mln

(Corrects lower end of SouthGobi IPO range in 14th paragraph to $200 million from $100 million)

* IPO would be world's 7th-largest of 2009

* Range values firm at 5.3-7.8 times forecast 2009 profit

By Tony Munroe and Parvathy Ullatil

HONG KONG, June 1 (Reuters) - Chinese chemicals maker Lumena Resources Corp began marketing a Hong Kong IPO on Monday to raise up to $190 million, according to a source familiar with the matter, testing investor sentiment for new listings in the city.

IPO issuance in Hong Kong is down 72 percent thus far this year, according to Thomson Reuters data, but a near 65 percent surge in the Hang Seng Index .HSI since a March trough has prompted numerous hopefuls to consider reviving listings that were put on hold last year, banking sources have said.

Lumena and its owners are selling 577.2 million shares at HK$1.72-HK$2.56 each in a deal that values the company at 5.3-7.8 times forecast 2009 earnings, said the source, who had direct knowledge of the deal but was not authorised to speak about it.

At the high end of pricing, the IPO would be the world's seventh-largest this year, Thomson Reuters data show, and the second-largest in Hong Kong, after the $1.3 billion May offering by Chinese aluminium extrusion products maker China Zhongwang Holdings (1333.HK).

Shares in Zhongwang now trade nearly 9 percent above their offer price.

Investor interest in new listings has been guarded this year, with Hong Kong retail investors failing to subscribe for all of the shares allocated to them in the Zhongwang IPO.

"There are some attractive stocks at good valuations in the cash market so there isn't much focus on IPOs at this point," said Patrick Yiu, associate director with CASH Asset Management.

"Success of individual IPOs has much to do with line of business companies are involved in, for example a Chinese property or materials company will find many buyers," he said.

Sichuan-based Lumena produces thenardite, which is a solid form of sodium sulphate and an important raw material for the production of powdered detergents, dyes, textiles, glass, kraft pulp and pharmaceutical products.

Pricing is set for June 10 with a trading debut of June 16. Lumena will be listed under the symbol "0067".

Of the shares to be sold, 70 percent would be new and 30 percent would be existing shares, the source said.

The banks handling the IPO are Credit Suisse (CSGN.VX), Macquarie (MQG.AX) and BOCI.