China-based iron ore mining company Hainan has raised $310m in a flotation in which majority shareholder Fosun's stake was diluted from 60% to 54%.

China-based iron ore mining company Hainan Mining has raised RMB 1.9bn ($310m) in an initial public offering on the Shanghai Stock Exchange, China Money Network reported on Monday.

Hainan, which was 60% majority-owned by conglomerate Fosun Group pre-flotation, sold 187 million shares priced at RMB 10.34 each.

Fosun Group previously held 336 million shares, equivalent to a 20% stake, while Fosun subsidiary Shanghai Fosun Industrial Investment held a further 672 million shares, equivalent to 40%. The combined 60% stake has…