Brazilian companies prep Hong Kong listings
Vale, a Brazilian iron ore producer, is set to list in Hong Kong this week as Sateri, a speciality cellulose maker with operations in Brazil and China, priced an IPO at the bottom of its price range, according to a source close to the deal.
Vale was given approval by the HKEx last week to list by way of introduction and is due to start trading depositary receipts (HDRs) on the exchange on Wednesday. HDRs will be traded instead of common shares due to foreign investment restrictions in Brazil.
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