Tianjin Pipe eyes Shanghai listing

Tianjin Pipe, China’s largest producer of steel pipes used by the oil and gas industry, is planning to list on the Shanghai Stock Exchange this year, the South China Morning Post reported. Tianjin Pipe, which holds around a 50% share of the mainland oil and drilling steel pipe products market, has appointed investment banks to underwrite the process, according to the firm’s chairman Liu Yunsheng. He declined to provide more details. The firm’s former chairman last year said the company was aiming for a US$709 million share issue. Liu said the firm recorded year-on-year sales growth of more than 10% this year, without providing specific figures.