November 9: Sales in shares for one of China’s largest canmaking firms, CPMC, were up to 200-times oversubscribed when it launched an IPO last week to raise HK$1.07 billion (US$138m) on the Hong Kong stock exchange.
A subsidiary of the huge and diverse China National Cereals, Oils & Foodstuffs Import and Export Corp (COFCO) trading group, CPMC has been growing rapidly in recent years on the back of rising domestic consumption of canned products including Wong Lo Kat herbal tea, cans for which represent half of its business.
