<div id="readability-page-1"><div>GLENCORE and Hillhouse Investment plan to invest in Chuangxin Industries’ upcoming initial public offering (IPO) in Hong Kong, people familiar with the matter said.This signals confidence in the Chinese aluminium smelter’s prospects as the metal’s price surges. The Swiss commodity giant and the asset manager are poised to participate as cornerstone investors, the people said, asking not to be identified while discussing a private matter. Cornerstone investors refer to IPO buyers who are guaranteed a share allocation for agreeing to hold the stock for a period of time.China Hongqiao Group, the country’s largest private aluminium producer, is also set to be a cornerstone, the people said. The three firms and other cornerstone investors may buy about half of the deal, they added. Based in China’s Inner Mongolia, Chuangxin plans to start taking investor orders as soon as Friday (Nov 14), for an IPO that may fetch about US$700 million. Chinese aluminium smelters, producing half of the world’s primary aluminium, are enjoying elevated profitability.They are helped by a government-imposed capacity ceiling, and resilient demand from the renewable energy sector. Aluminium has also been one of the strongest performers on the London Metal Exchange in recent months, reaching a three-year high last week.Deliberations are ongoing, and details of the deal, including the investments, may change, the people added. A representative for Glencore had no immediate comment. A China Hongqiao representative declined to comment. Chuangxin and Hillhouse did not respond to requests for comments.Chuangxin counts on the production of primary aluminium and alumina for much of its business. Its biggest customer is Shanghai-listed Innovation New Material Technology, which is headed by Chuangxin’s chairman, Cui Lixin, a filing with the Hong Kong stock exchange said.Hong Kong listings are set to close 2025 at a four-year high, with proceeds potentially topping US$40 billion, Bloomberg Intelligence’s estimate said. But some listings have recently flopped on their debuts, signalling that investors are becoming increasingly sceptical after a banner year.China International Capital and Huatai Securities are arranging Chuangxin’s IPO. BLOOMBERG</div></div>

嘉能可

嘉能可和高瓴资本计划投资创鑫工业在香港的首次公开募股（IPO），这表明他们对中国铝冶炼厂在金属价格上涨背景下的前景充满信心。中国宏桥集团也将成为基石投资者。此次 IPO 可能筹集约 7 亿美元，基石投资者可能会购买一半的股份。创鑫的盈利能力受到政府实施的产能限制和可再生能源领域强劲需求的推动。此次 IPO 由中国国际资本和华泰证券安排

嘉能可将投资中国铝冶炼厂的首次公开募股