Insiders: Geely and Hillhouse Capital plan to participate in the Hong Kong IPO of Innovative Industries.

Insiders revealed that Glencore plc and Hillhouse Capital Management are planning to invest in the upcoming initial public offering of Innovative Industrial Group Limited, which will take place in Hong Kong. With the current significant increase in aluminum prices, the two institutions show confidence in the future development prospects of this Chinese aluminum smelting company. The anonymous sources, who requested anonymity due to discussing non-public matters, stated that the Swiss commodity giant and the asset management company intend to participate in this IPO as cornerstone investors. Cornerstone investors are those who commit to holding shares for a certain period in an IPO in order to receive a guaranteed allocation of shares. The insiders also pointed out that China's largest private aluminum producer, China Hongqiao Group Limited, will also be a cornerstone investor in this IPO. They mentioned that these three companies and other cornerstone investors together may subscribe to approximately half of the shares issued in this IPO.