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Zhonggu Shipping plans US$349 million IPO in Shanghai

CHINA's domestic container logistics operator Zhonggu Shipping is seeking to list its 70 per cent owned subsidiary Zhonggu Logistics on the Shanghai Stock Exchange, after the company terminated its listing on the Chinese over-the-counter system for trading the shares of a public limited company, National Equities Exchange and Quotations (NEEQ) in March last year

Zhonggu Shipping plans US$349 million IPO in Shanghai

CHINA's domestic container logistics operator Zhonggu Shipping is seeking to list its 70 per cent owned subsidiary Zhonggu Logistics on the Shanghai Stock Exchange, after the company terminated its listing on the Chinese over-the-counter system for trading the shares of a public limited company, National Equities Exchange and Quotations (NEEQ) in March last year

22 May 2019 - 19:00

CHINA's domestic container logistics operator Zhonggu Shipping is seeking to list its 70 per cent owned subsidiary Zhonggu Logistics on the Shanghai Stock Exchange, after the company terminated its listing on the Chinese over-the-counter system for trading the shares of a public limited company, National Equities Exchange and Quotations (NEEQ) in March last year.

According to the company's prospectus for the IPO, it plans to issue 81.9 million new shares which will account for 12 per cent equity interest of the company, to raise about CNY2.39 billion (US$349 million).



The company will use CNY1.38 billion of the proceeds for the acquisition of new containers while the remaining CNY1.01 billion will be used for the acquisition of containerships, reports Singapore's Splash 247.



According to Alphaliner, Zhonggu Logistics is the 16th largest container shipping company in the world controlling a fleet of 97 ships with total capacity of 137,513 TEU, with 34 ships in the fleet self-owned. It is now the second largest domestic container shipping company in China, following Antong Holdings.



Currently the company has two 1,140-TEU ships and six 1,900-TEU ships on order and the vessels are expected to join the company's fleet this year and next year.


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