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CSSC leasing arm to raise up to $280m from IPO

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CSSC (Hong Kong) Shipping Company Limited, the ship-leasing arm of China State Shipbuilding Corporation (CSSC), is to raise up to HK$2.2bn ($280m) for initial public offering in Hong Kong.

The company will issue 1.5bn shares at a price of HK$1.34-HK$1.42 per share. The price determination date is expected to be around 5 June and no later than 14 June 2019.

After the listing, CSSC will remain the majority shareholder of the company.

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The funds raised are expected to be used for strengthening ship leasing business, purchasing clean energy equipment and manufacture equipment, developing LNG market and general operation expenses.

CSSC (Hong Kong) Shipping, founded in 2012, is based in Hong Kong with another office in Shanghai.

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