Hongqiao cuts IPO size to $1bn

China Hongqiao Group, China’s biggest privately owned aluminium hydroxide producer, will relaunch its Hong Kong initial public offering as soon as next week, after cutting the size to about $1bn (£620m). The company had initially targeted raising up to $2.2bn, but pulled the deal in January due to market volatility. The group now plans to sell around 1bn shares at between HK$7.20 (57p) and HK$8.30 each.