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Shipyard to float on Hong Kong market
By Ding Yining |
October 15, 2010, Friday
|
Online Edition
Online Edition
CHINA'S largest private shipyard is expected to go public in the Hong Kong stock market as early as November as the stock exchange is reviewing its initial public offering, sources close to the deal said.
Jiangsu-based Rongsheng Heavy Industries Ltd is expected to float shares as early as next month and hopes to raise between US$1.5 billion (9.965 billion yuan) and US$2 billion, Caixin Media reported, citing an unnamed source familiar with the matter.
JP Morgan Chase, Morgan Stanley, Deutsche Bank, CCB International and Bank of China International will be the sponsors and underwriters of the deal.
"The IPO application was filed a long time ago and the listing should be completed in the near future," a source who refused to be named confirmed to Shanghai Daily.
New orders in the first eight months in Chinese shipyards were four times that of the same period last year and stood at 44.5 deadweight tons. Total orders were 194 million DWT, up 3.1 percent from the end of last year.
Last month, Vale inked an agreement to buy 12 vessels worth US$1.6 billion, each with 400,000 tons of capacity, from Rongsheng through lendings from Export-Import Bank of China and Bank of China.
The Baltic Dry Index, the main gauge of dry bulk good freights, gained for a third day to 2,769 points yesterday, as demand for iron ore raw materials strengthened.
Rongsheng planned to list in 2008 but the financial crisis hurt earnings and such plans were suspended.
Sales of the shipyard totaled 10.2 billion yuan (US$1.5 billion) in 2009, and hopes are to raise annual sales to more than 100 billion yuan in the next five years, Rongsheng president Chen Qiang said earlier this year.
Jiangsu-based Rongsheng Heavy Industries Ltd is expected to float shares as early as next month and hopes to raise between US$1.5 billion (9.965 billion yuan) and US$2 billion, Caixin Media reported, citing an unnamed source familiar with the matter.
JP Morgan Chase, Morgan Stanley, Deutsche Bank, CCB International and Bank of China International will be the sponsors and underwriters of the deal.
"The IPO application was filed a long time ago and the listing should be completed in the near future," a source who refused to be named confirmed to Shanghai Daily.
New orders in the first eight months in Chinese shipyards were four times that of the same period last year and stood at 44.5 deadweight tons. Total orders were 194 million DWT, up 3.1 percent from the end of last year.
Last month, Vale inked an agreement to buy 12 vessels worth US$1.6 billion, each with 400,000 tons of capacity, from Rongsheng through lendings from Export-Import Bank of China and Bank of China.
The Baltic Dry Index, the main gauge of dry bulk good freights, gained for a third day to 2,769 points yesterday, as demand for iron ore raw materials strengthened.
Rongsheng planned to list in 2008 but the financial crisis hurt earnings and such plans were suspended.
Sales of the shipyard totaled 10.2 billion yuan (US$1.5 billion) in 2009, and hopes are to raise annual sales to more than 100 billion yuan in the next five years, Rongsheng president Chen Qiang said earlier this year.
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