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SouthGobi to raise funds

Mining group SouthGobi Energy Resources Ltd plans to raise about $400 million from an initial public offering in Hong Kong this month, according to Reuters reports. The Canada-listed firm started its IPO premarketing yesterday, and plans to list its shares on Jan 29. Over 75 percent of the new shares would be allocated to institutional investors, 15 percent to Canadian investors and 10 percent to Hong Kong retail investors.

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