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Hainan Strait Shipping bags RMB1.33bn from IPO

Hainan Strait Shipping bags RMB1.33bn from IPO

Hong Kong: Hainan Strait Shipping Co Ltd has finished issuing 39.5 million shares for RMB 33.6 apiece or RMB 1.33 billion in total, bringing in net proceeds of RMB 1.28 billion, sources reported. Some of the funds were transferred into an account at Bank of China, which had a balance of RMB 985 million as of Jan. 8. These funds will be used to develop a shipping route from Haikou, Hainan Province to Haian, Jiangsu Province.

Other funds were transferred into an account at Industrial and Commercial Bank of China, which had a balance of RMB 300 million as of Jan. 8. These funds will be used to develop a shipping route from Haikou to Beihai, Guangxi Zhuang Autonomous Region.

Reportedly, a bridge that will cross the Qiongzhou Strait, a channel between Hainan Island and Leizhou Peninsula in South China, is expected to be put into operation in 2020.

Lin Yi, chairman of Hainan Strait Shipping, said that the bridge will not have a large impact on the firm's business.  [13/01/10]

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