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CSSC mulls Hong Kong listing

Shanghai: China State Shipbuilding Corporation is in talks with banker JP Morgan about a Hong Kong listing to raise cash for its rapid expansion. The state run umbrella organization controlling all public yards from Shanghai south is looking to raise US$500m by listing one of its yards. CSSC has been spending vast sums getting its two giant projects up and running ?" Changxing, north of Shanghai, and Longxue, near Guangzhou. It will likely select either Hudong-Zhonghua or Shanghai Waigaoqiao Shipbuilding to be the listing vehicle. Guangzhou Shipyard International is the only other listed CSSC yard, which has enjoyed a mixed time on the exchange.  [04/07/06]

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