Hainan Rubber to raise RMB 4.71 bln from Shanghai IPO

Dec. 27, 2010 (China Knowledge) - Hainan Rubber Industry Group Co Ltd, a leading agricultural industrialization enterprise in China, today announced that it will raise up to RMB 4.71 billion from an initial public offering in Shanghai, Reuters reported.
The company said in a statement that it will issue 786 million shares via both online and offline placement at a price ranging from RMB 5.50 to RMB 5.99 apiece.
Hainan Rubber has hired CITIC Securities Co<600030> as underwriter for the offering.
The company plans to use RMB 1.33 billion from the proceeds for rubber farms replantation projects.
Hainan Rubber Industry Group is the largest producer of natural rubber in China, the world's largest natural rubber consumer. In the first nine months of this year, it realized revenue of RMB 388 million, while its net profit for last year was RMB 286 million.

(Source: http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&cat=INV&NewsID=39872)