By Chris Oliver
HONG KONG (MarketWatch) -- China Molybdenum Co.'s shares HK:3993 -0.66% CMCLF -14.43% slipped 0.3% in Hong Kong on Tuesday following news that China's securities regulator would review on Friday the company's plan for a Shanghai listing. The company, China's top producer of molybdenum oxide -- an ingredient in the steel-making process that helps to produce metals for specialized applications in the petroleum, aerospace and defense industries -- said in a earlier statement to the China Securities Regulatory Commission it plans to sell up to 542 million new shares, approximately equivalent to a 10% stake, in the initial public offering. Proceeds of the IPO, which could raise up to 3.65 billion yuan ($579 million), will help finance its molybdenum and tungsten projects in the expectation of increasing demand for stainless steel and construction steel in China, the company said.
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