China South City, a Shenzhen-based integrated logistics and trade centre operator, plans to raise at least HK$4 billion ($513 million) in a revived plan for its Hong Kong IPO by the end of September, according to a source familiar with the deal.
China South City had obtained approval from the Hong Kong stock exchange for its IPO plan and the company aimed to launch an investors' road show at the beginning of September and list in Hong Kong by the end of the month, said the source, speaking on condition of anonymity because she was not authorised to speak with the media.
The announcement comes as other Chinese companies have announced plans to raise funds in Hong Kong and Shanghai. These include China Pacific Insurance, which is partly owned by the Carlyle Group, and China Merchants Bank.
Last year, China South City had planned to raise $300 million-$500 million through a Hong Kong IPO, but later delayed the plan after the global downturn cooled investor appetite for new offerings.
Merrill Lynch is the sole sponsor of the deal and BOC International, the investment banking arm of Bank of China, joins as bookrunner.
(Reporting by Fion Li; Editing by Don Durfee and Chris Lewis)