Hunan Valin Steel Co. rose as much as the 10 percent daily limit in Shenzhen trading after a newspaper reported that its parent plans a public offering in Hong Kong and aims to double its profit next year.

Hunan Valin Iron & Steel Group, the parent, plans to raise as much
as 10 billion yuan ($1.5 billion) in the offering, the Xiaoxiang
Morning Herald reported today, citing Chairman Li Xiaowei at a local
government meeting. Valin Group aims to double its profit next year,
the newspaper said.

Wang Jun, vice party secretary of Valin Group, and Lai Bangchuan,
secretary to Chairman Li, said they are unaware of a Hong Kong listing
plan when contacted by Bloomberg News.

Valin Steel, a listed unit that is partly owned by the world’s largest
steel maker ArcelorMittal, rose by the most since July 6 to 7.89 yuan
in Shenzhen trading and was at 7.75 yuan as of 10:55 a.m. local time.
The benchmark Shanghai Composite Index gained 1.6 percent.

The Hang Seng China Enterprises Index, which tracks China- incorporated
companies traded in Hong Kong, has gained 63 percent this year,
reviving interest among companies to sell shares. China’s $586 billion
stimulus spending has boosted steel demand from automakers,
home-appliance manufacturers and builders.

Source: Bloomberg

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