Report: China carrier approved for $2B IPO

Report: China carrier approved for $2B IPO

Hong Kong regulators have approved China Shipping Container Lines Co.'s plan for a US$2 billion initial public offering, according to a report Friday by Dow Jones.

The container arm of shipping conglomerate China Shipping (Group) Co. is scheduled to start pre-marketing the IPO Monday and is seeking to list in Hong Kong in early June, sources told the news service.

Pricing of the share offer by the container arm of shipping conglomerate China Shipping (Group) Co. should take place at the end of May. It aims to list in Hong Kong in early June, they added.

China Shipping Container Lines operates a fleet of more than 120 vessels, with an estimated total capacity of more than 205,000 TEUs.

The article quoted sources as saying CSCL had a net profit of 1.3 billion yuan ($156.96 million) in 2003, after a loss the previous year.

China Shipping Container Lines' IPO will be among the largest in Hong Kong so far this year. The firm will also become China Shipping Group's second Hong Kong-listed unit, after China Shipping Development Ltd., which operates bulk and bunker ships.