Glencore Is Said to Invest in Chinese Aluminum Smelter’s IPO

Glencore Plc and Hillhouse Investment Management plan to invest in Chuangxin Industries Holdings Ltd.’s upcoming initial public offering in Hong Kong, people familiar with the matter said, signaling confidence in the Chinese aluminum smelter’s prospects as the metal’s price surges.

The Swiss commodity giant and the asset manager are poised to participate as cornerstone investors — an IPO buyer guaranteed a share allocation for agreeing to hold the stock for a period of time — the people said, asking not to be identified in discussing a private matter.

China Hongqiao Group Ltd., the country’s largest private aluminum producer, is ...