China National Heavy Duty Truck Corp Ltd, the mainland's third-largest maker of heavy trucks, plans to issue 702 mln shares at 10.00-12.88 hkd per share in an initial public offering (IPO) in Hong Kong, according to a market source.

The company is expected to raise up to 9.04 bln hkd from the IPO, which will be used to expand its business.

Several cornerstone investors including China Life Insurance Group, Cheung Kong (Holdings) chairman Li Ka-shing, CITIC Pacific, and Singapore's GIC will subscribe to shares in Sinotruck, the source said.

The company is beginning its road show for institutional investors today.

Retail subscription will open this Thursday, with trading of shares expected to begin on Nov 28.