Chinese mining and metal manufacturer Sichuan Tranvic Group plans to raise $150 million to $200 million by listing its iron ore unit in a Hong Kong initial public offering late this year or in early 2009, a person familiar with the matter said on Friday.

    The company will list under the name China Vandium Titano-Magnetite in a deal handled by Citigroup. The bank declined to comment.

    The steep selloff in markets this year has cut IPO fund-raising in Hong Kong by more than half, and numerous listing hopefuls are sitting on the sidelines awaiting more favourable conditions.

    Thus far this year, 23 companies have raised a combined $7.8 billion in Hong Kong IPOs, compared with 46 firms raising $18.4 billion in the first eight months of 2007, Thomson Reuters data showed.