Financial Times FT.com

Chinese shipbuilders plan IPOs

By Raphael Minder in Hong Kong and Jamil Anderlini in Beijing

Published: October 31 2007 22:03 | Last updated: October 31 2007 22:03

At least seven Chinese shipbuilders are planning share offerings, underlining China's efforts to build up its domestic fleet and branch out into the construction of more advanced vessels.

The largest of the anticipated initial public offerings is likely to come from state-owned China Shipbuilding Industry Corporation (CSIC), which wants to raise about $900m on the Chinese mainland A-share market, according to bankers familiar with the situation. The other major state-owned shipbuilder, China State Shipbuilding Corporation (CSSC), is considering a share sale in Hong Kong. The companies refused to comment.

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