Glencore-Backed Alumina Producer Declines in Hong Kong Debut
Nanshan Aluminum International Holdings Ltd., a company backed by Glencore Plc, declined in its Hong Kong trading debut, with sentiment for the top alumina producer in Southeast Asia impacted by falling prices for the metal.
Shares were down 1% to HK$26.35 apiece as of 10:27 a.m. local time during the first day of its initial public offering, after rising as much as 1.1% earlier. The newly listed unit of China's Nanshan Group will use the sale's proceeds to expand production in Indonesia and for general working capital.
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