China Shipping plans domestic IPO

China Shipping Container Lines (CSCL), China's largest shipping container company, announced that its plans for an IPO on the A-share market will be looked through by the China Securities Regulatory Commission this Friday, Economic Observer reported (in Chinese). CSCL plans to issue just under 2.3 billion shares, accounting for 20% of its total shares, and expects to raise around US$1.62 billion. The company will use the funds raised to buy container vessels, acquire port and manufacturing assets related to its core business, make up working capital and repay bank loans. UBS Securities and China International Capital Corporation will be leading underwriters of the IPO.