<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

嘉能可和高瓴資本計劃投資創鑫工業在香港的首次公開募股（IPO），這表明他們對中國鋁冶煉廠在金屬價格上漲背景下的前景充滿信心。中國宏橋集團也將成為基石投資者。此次 IPO 可能籌集約 7 億美元，基石投資者可能會購買一半的股份。創鑫的盈利能力受到政府實施的產能限制和可再生能源領域強勁需求的推動。此次 IPO 由中國國際資本和華泰證券安排

嘉能可將投資中國鋁冶煉廠的首次公開募股