Citigroup to advise Sinotrans IPO

Citigroup has been hired to help manage a US$500 million IPO of China's largest airfreight company Sinotrans, Bloomberg reported. Sinotrans, also known as China National Foreign Trade Transportation Group, plans to sell shares in its dry-bulk business in 2006. Bank of China and Credit Suisse First Boston are already working on the deal. Citigroup rates fifth among underwriters of Chinese stock sales in 2005, Bloomberg said.