China Shipping Container Lines plans US$1.3bn Shanghai listing

China Shipping Container Lines Co, Asia's second-largest cargo-box carrier, may raise up to US$1.3 billion with a Shanghai listing, Bloomberg reported. The additional capital would be used to expand its fleet and repay loans, the Hong Kong-listed company said. It will issue 1.5 billion yuan-denominated A-shares, representing 20% of its enlarged capital. It would give shareholders 5.5 bonus shares for every 10 held, if the Shanghai listing goes through, although it did give a price range for the listing. In June, rival shipping firm, China Cosco's mainland IPO was more than 100 times oversubscribed. Its shares are now more than double their intial price.