China Shipbuilding Industry Co Ltd, one of China’s largest shipbuilding and ship repairing groups, aims to reap more than RMB 120 billion in operating revenue this year, said Vice President Qian Jianping, sources reported.

Qian added that the group’s operating revenue for the first ten months
of this year swelled 12% year on year, and that its gross profits grew
29% from a year earlier despite the sluggish global ocean shipping
market.?

Reportedly, China Shipbuilding Industry, which has 46 industrial
subsidiaries and 28 research and development institutes, plans to issue
up to 2 billion A shares at a minimum price of RMB 3.23 apiece via an
initial public offering on the Shanghai Stock Exchange to raise RMB
6.44 billion.

The company will receive institutional subscriptions on Dec. 4 and
retail subscriptions on Dec. 7, China Knowledge reported earlier.

Following the IPO, the firm will have no more than 6.65 billion shares
in total. The proceeds from the IPO will be principally used to fund 22
construction and expansion projects.

China International Capital Corp has been hired as lead underwriter for the new share offering.

The state-owned enterprise’s net profit was RMB 539 million in 2006,
RMB 877 million in 2007, RMB 1.23 billion in 2008 and RMB 692 million
in the first half of 2009. As of Dec. 31, 2008, the firm’s total assets
were RMB 2.58 billion.

Source: China Knowledge

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