CSSC Plans $500m IPO

According to reports, China State Shipbuilding Corp. (CSSC) is making plans for an initial public offering on the Hong Kong Stock Exchange to raise at least US$500 million, according to a report in the South China Morning News. The company is reported to be planning a share sale for the first half of next year and has engaged JPMorgan Chase & Co. to handle the IPO. CSSC is a State-linked company engaged in shipbuilding, ship repairing, research & design, manufacturing marine-related equipment, and in trading firms. In the next five years, it aims to increase its annual shipbuilding output from 5 million deadweight tonnage in 2005 to 9 million in 2010. Source: China Knowledge