Glencore is said to invest in Chinese aluminum smelter Chuangxin Industries' IPO

[Glencore Company Headquarters in Zug/Baar (Switzerland)]
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* London-listed global commodity trader and miner Glencore (OTCPK:GLCNF [https://seekingalpha.com/symbol/GLCNF]) and Hillhouse Investment Management reportedly plan to invest in Chuangxin Industries Holdings’ upcoming initial public offering in Hong Kong, people familiar with the matter told _Bloomberg News._
* The Swiss commodity giant and the asset manager are poised to participate as cornerstone investors—an IPO buyer guaranteed a share allocation for agreeing to hold the stock for a period of time—the people said.
* China Hongqiao Group, the country’s largest private aluminum producer, is also set to be a cornerstone, the people said. The three firms and other cornerstone investors may buy about half of the deal, the report added.
* Based in the Inner Mongolia autonomous region, Chuangxin plans to start taking investor orders as soon as Friday for an IPO that may fetch about $700 million.
* Mainland aluminum smelters, which produce half of the world’s primary aluminum, are seeing strong profits supported by robust renewable energy demand. Aluminum (LMAHDS03:COM [https://seekingalpha.com/symbol/LMAHDS03:COM]) has also surged on the London Metal Exchange, hitting a three-year high last week.

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