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Minsheng Shipping's listing plan gets axed

Minsheng Shipping's listing plan gets axed
Chinese firm Minsheng Shipping will not get listing after its initial public offering application has been terminated by China Securities Regulatory Commission (CSRC).

Minsheng Shipping had aimed for a listing on the Shanghai Stock Exchange in the last quarter of 2012, and was looking to raise up to RMB1bn.

The proceeds raised were supposed to be used to build new ships such as ro-ro vessels and container vessels to do river runs, and ocean-going vessels.

Analysts had earlier believed that Minsheng Shipping's planned listing might not pull through due to the company's ability to mitigate its risk of debts, and the overall sluggish business environment in the global shipping market.