Gold and diamond jeweler Chow Tai Fook Jewellery Co., controlled by Cheng Yu-tung, chairman of New World Development Co., is planning to seek listing approval Thursday from the Hong Kong Stock Exchange for an up to $4 billion IPO, people familiar with the situation said Tuesday. At that size, the jewelry firm would have the world’s biggest IPO since Spain’s Bankia SA raised $4.4 billion before a July listing in Madrid.
Two other companies, based in mainland China, also moved forward Tuesday with listing plans in Hong Kong. Henan-based cement producer Tianrui Group Cement Co., in which U.S. private equity firm Kohlberg Kravis Roberts & Co. has a minority stake, is planning to seek listing approval on Nov. 17 for its up to $500 million Hong Kong IPO, people familiar with the situation said Tuesday. Xinyi Solar Holdings Ltd, the solar glass unit of Hong Kong-listed Xinyi Glass Holdings Ltd., started premarketing its around $150 million IPO Tuesday, according to a term sheet seen by Dow Jones Newswires.