MCC draws strong demand in dual listing

[FT_news]

Metallurgical Corp of China attracts Rmb1,600bn in subscriptions from Shanghai investors, reflecting strong appetite for the world's second-largest IPO so far this year

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[forum_admin]

Metallurgical Corp of China (MCC), which is raising up to $5.3bn in a dual listing, attracted a better-than-expected Rmb1,600bn ($234bn) in subscriptions from Shanghai investors, underlining the strength of demand for beneficiaries of Beijing’s stimulus package.

The strong appetite for what will be the world’s second-largest initial public offering so far this year comes amid growing expectations that China will soon allow foreign companies and red-chips (mainland companies incorporated and listed in Hong Kong) to list in Shanghai for the first time.