Two Mongolia-focused resource
companies want to raise up to USD1.3 billion from their initial public
offerings in Hong Kong, reinforcing the territory”s ambition to draw resource
firms to list there.

Mongolian Mining Corp and Winsway
Coking Coal Holdings, tapping into Hong Kong”s popularity as the go-to
destination for IPOs, are adding to the USD17.7 billion already raised in the
territory so far this year.

Hong Kong”s appeal for
Mongolian mining firms is its diversified investor base, proximity to mainland
China and China”s hunger for Mongolia”s copper, iron ore, gold and coal.

“Listing in Hong Kong
gives those Mongolian miners a base close to China”s booming marketplace and
gives them access to myriad Asian fund managers who put money in emerging
economies,” said Teresa Chow, a fund manager at RBC Investment Management.

Chow said investors keen on
Mongolia where many resource assets have yet to be developed. Analysts expect
the IPOs to draw strong interest, with China increasingly hungry for
high-quality coking coal imports due to its massive demand for steel.