DJ MARKET TALK: China XLX May Rise; Co Confirms HK IPO Plans
0053 GMT [Dow Jones] China XLX Fertiliser (B9R.SG) may extend yesterday's rally as company confirms media reports of possible dual listing in Hong Kong. Shares closed +15.0% at S$0.46 yesterday on reports fertilizer producer eyeing HK IPO in September, but company declined to confirm or deny until after trading hours. Still, gains may be limited after sharp run-up and given management's warning no guarantee IPO will proceed, although it has engaged professional parties to carry out preparatory work. XLX says it's contemplating IPO in bid to widen investor base, boost liquidity, but adds, no application to HK exchange has been made yet. Pre-open quotes show bids of up to S$0.49, offers to sell mostly at S$0.48. (FKH)
