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CSSC linked to $800m IPO

Hong Kong: China State Shipbuilding Corp is planning to raise around $800m in a Hong Kong IPO next year, according to Reuters.  CSSC plans to be the world's largest shipbuilder by 2015 via expansion of its main Shanghai and Guangzhou shipbuilding operations with the aim of boosting capacity from the current 4m dwt per annum to 14m dwt. With an orderbook of under 20m dwt at the moment it has a long way to go to match leading builder Hyundai's combined total of 44m dwt from its Ulsan, Samho and Mipo yards. CSSC is said to have appointed JPMorgan to lead the offering. It is not clear what assets might be included in the IPO as CSSC is not commenting. The Chinese conglomerate floated Guangzhou Shipyard International in Hong Kong and Shanghai back in 1993. [16/10/06]

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