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Daily News

Yongle Home Appliance Plans Hong Kong IPO
Aug 5, 2005
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China Yongle Home Appliance Co. will soon launch an initial public offering in Hong Kong, the China Daily reports.

Yongle, which is 25-percent owned by U.S. investment bank Morgan Stanley, had delayed its plan to list in July due to unfavorable market conditions, the report said, citing Yongle President Chen Xiao, the company's majority shareholder.

Mr. Chen didn't give a timetable for Yongle's listing.

Yongle's IPO will likely raise U.S. $200 million to $300 million, with Morgan Stanley being one of its underwriters, the report said. (Dow Jones)

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