COSCO seeks IPO
COSCO Container Lines is planning to follow fellow Chinese carrier, China Shipping Container Lines, with its own initial public offering on the stock exchange of Hong Kong. According to Reuters the move is expected to raise more than $1 billion for the government-owned shipping line.
COSCO Pacific Ltd., the COSCO group’s highly profitable Hong Kong-listed port and leasing arm, said COSCO Holdings Co. submitted to the stock exchange an advanced booking form for the proposed listing on March 7. COSCO Holdings is a joint stock limited company formed on March 3, which will takeover the group’s container shipping interest, following the proposed IPO.
In June, China Shipping Container Lines raised $1 billion from its IPO on the Hong Kong stock exchange, by selling a 40-percent stake in the formerly state-owned company to the private sector.