Tianhe Chemicals targets Hong Kong IPO

Private equity-backed Tianhe Chemicals Group is targeting a public listing in Hong Kong in 2014, which could fetch as much as USD1 billion, according to Reuters.
The China-based company manufactures lubricant additives and secured a USD300 million investment from Morgan Stanley Private Equity Asia in March 2012.
At the time, it was said to have previously considered a London IPO, although market volatility forced it to shelve its plans.
JP Morgan Chase & Co. and Morgan Stanley are said to be working on the listing.
(July 4, 2013)