According to an e-mail sent to fund managers in an initial public offering in Hong Kong West China Cement Ltd sold shares worth one hundred and seventy nine million dollars or one decimal three nine billion HK dollars after their stock was placed at the top of a range that has been marketed to investors.

The company has plans to cut off its name from London’s Alternative Investment Market on the twenty third of August and under the ticker number of 2233 it has plans to trade in Hong Kong from the same date, as stated by the prospectus of IPO.

According to the Chairman and Executive, Mr. Zhang Jimin, in London the shares of West China Cement were grossly undervalued as British investors have no idea about China.   

The stock sale was managed by ICBC International Holdings Ltd and Deutsche Bank AG. If the company sells another one hundred and twenty three millions of shares after listing it will take it sales of Hong King to a higher level of about two hundred and six million dollars.  

According to the email which has been sent today Zhang has a holding of forty two decimal two five percent in West China Cement and in the coming six months following the listing he is not allowed to sell shares.  

Fifty shares will replace each AIM listed share and will be traded in Hong Kong, as stated by the IPO prospectus.  

West China Cement’s Enlarge share capital’s thirty percent will be given by the shares replacing AIM shares. Twenty percent of the company’s stock was just sold in the initial offering of Hong Kong.  

If the offer price of one HK dollar and sixty nine cents is considered then the value of AIM –listed share is worth six nine eight pence in comparison of its 10 August closing price of six nine five pence. West China Cement’s market value is four hundred and fifty decimal eight million pounds.