Related News
China Shipbuilding launches IPO
By Joyce Pan |
November 25, 2009, Wednesday
|
Online Edition
Online Edition
China Shipbuilding Industry, the country's biggest ship equipment maker, said yesterday it plans to raise around 6.4 billion yuan (US$937 million) in a Shanghai listing to expand production capacity.
China Shipbuilding will issue up to 1.995 billion A shares, or 30 percent of its enlarged share capital, through an initial public offering on the Shanghai Stock Exchange, the state-owned company said in a prospectus filed to the Shanghai bourse.
The company will announce the price range of the offering on December 3. It will start to take institutional subscription on December 4 and retail subscriptions on December 7, according to the prospectus.
The Beijing-based company, a subsidiary of China Shipbuilding Industry Corporation, said it planned to use 6.4 billion yuan to build or expand 22 projects, boosting its capacity to make engines and other parts. The projects will be mainly funded by the proceeds.
The government has called on Chinese vessel equipment producers to increase their production capability to meet the goal that self-made equipment should account for more than 80 percent of the parts used on ships by 2015. Currently, engines and parts rely on supplies from overseas makers such as Japan and Korea. China Shipbuilding said profits last year jumped 51.73 percent to 1.22 billion yuan from a year earlier.
China International Capital Corp has been appointed as the lead underwriter of the stock offering. Forty-five percent of the shares on offer will be earmarked for institutions and the rest for retail investors, the company said.
China Shipbuilding will issue up to 1.995 billion A shares, or 30 percent of its enlarged share capital, through an initial public offering on the Shanghai Stock Exchange, the state-owned company said in a prospectus filed to the Shanghai bourse.
The company will announce the price range of the offering on December 3. It will start to take institutional subscription on December 4 and retail subscriptions on December 7, according to the prospectus.
The Beijing-based company, a subsidiary of China Shipbuilding Industry Corporation, said it planned to use 6.4 billion yuan to build or expand 22 projects, boosting its capacity to make engines and other parts. The projects will be mainly funded by the proceeds.
The government has called on Chinese vessel equipment producers to increase their production capability to meet the goal that self-made equipment should account for more than 80 percent of the parts used on ships by 2015. Currently, engines and parts rely on supplies from overseas makers such as Japan and Korea. China Shipbuilding said profits last year jumped 51.73 percent to 1.22 billion yuan from a year earlier.
China International Capital Corp has been appointed as the lead underwriter of the stock offering. Forty-five percent of the shares on offer will be earmarked for institutions and the rest for retail investors, the company said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
