December 10, 2007 / 3:10 AM / 11 years ago

CORRECTED - CORRECTED-China's Xingye Copper plans $49 mln HK IPO -term sheet

(Corrects headline to restore dropped “mln” in figure)

(For expanded IPO diary please click <HK/IPOMENU>)

HONG KONG, Dec 10 (Reuters) - Chinese high precision copper plate and strip maker Xingye Copper International Group Ltd (0505.HK) plans to raise up to $49 million in a Hong Kong initial public offering, according to a term sheet seen on Monday.

The Ningbo-based company, which aimed to list on the main board on Dec. 27, is offering 150 million shares, or 25 percent of its enlarged share capital, at an indicative per share price range of HK$1.70-HK$2.55, along with an over-allotment option of a further 22.5 million shares.

Proceeds will be used to expand production and to fund research and development, with the remainder for working capital, the term sheet showed.

BOC International is the sole sponsor and sole bookrunner of the share sale. (Reporting by Kennix Chim, editing by Ken Wills)

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