Biz Scene: GRAPEVINE

HK offering

China's aluminum foil maker Xiashun Holdings Ltd plans to raise up to $272.4 million from its Hong Kong initial public offering, Reuters reported yesterday, citing a source familiar with the deal.

The company, which kicked off a marketing roadshow for its IPO yesterday, is offering 500 million shares with a price range of HK$3.1 to HK$4.25 each, the source said.

UBS and JPMorgan are sponsoring the deal.

Western share sale

Western Securities Co, Bank of New York Mellon Corp's partner in China, will submit an application to the nation's financial regulator next month to sell shares to the public, 21st Century Business Herald reported.

Xi'an-based Western's initial public offering plan is backed by the Shaanxi provincial government, according to the report, which cited a document issued by the government in July without giving details.

Bank of New York Mellon, the world's biggest asset custodian, said last week it's starting a venture with Western to sell funds to individual investors in China.

(China Daily 11/28/2007 page15)