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ETF News

Hopu, Temasek eye $1 bln China iron ore IPO -sources

HONG KONG, July 20 (Reuters) - Chinese iron ore miner Lung Ming, partly invested by private equity firm Hopu and Singapore’s state investor Temasek [TEM.UL], plans to list shares in Hong Kong to raise up to $1 billion, according to sources.

If successful, Lung Ming's Hong Kong IPO would be the first investment exit for Hopu, a $2.5 billion fund run by top Chinese dealmaker Fang Fenglei, who helped Goldman Sachs GS.N set up its China investment banking joint venture.

Lung Ming, which owns and operates a Mongolian iron ore mine, aims to raise between $500 million and $1 billion and an initial public offering of shares is likely to take place in the fourth quarter, said the sources. (Reporting by George Chen and Michael Flaherty; Editing by Jonathan Hopfner)

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