Zhongwang Group, a leading Chinese manufacturer of aluminum and plastic profiles, plans to go public in three months and raise at least $500 million on the Hong Kong Stock Exchange.
The company has hired Citic Securities, UBS and JPMorgan to assist with a possible listing, according to report from the Financial Times of London. Zhongwang needs to receive clearance from the Hong Kong Exchange's listing committee.
The local government in Liaoyang, where Zhongwang is headquartered, has pledged to support the company's initial public offering plan.
Twenty-year-old Zhongwang contributed 91 million yuan ($13 million) in taxes in 2008, local newspaper Liaoyang Daily recently reported.
Middle-market private equity firm Olympus Capital Holdings Asia announced in August it would invest $100 million in Zhongwang Group's parent company, Zhongwang International Group. Zhongwang had annual sales of more than 10 billion yuan ($1.5 billion), according to an Olympus Capital news release.
Zhongwang's owner, the Liu Zhongtian family, was listed among the 1,000 wealthiest people in China, according to a ``China Rich List'' released in October.
The firm declined comment.