CSSC mulls Hong Kong listing

Shanghai: China State Shipbuilding Corporation is in talks with banker JP Morgan about a Hong Kong listing to raise cash for its rapid expansion. The state run umbrella organization controlling all public yards from Shanghai south is looking to raise US$500m by listing one of its yards. CSSC has been spending vast sums getting its two giant projects up and running �" Changxing, north of Shanghai, and Longxue, near Guangzhou. It will likely select either Hudong-Zhonghua or Shanghai Waigaoqiao Shipbuilding to be the listing vehicle. Guangzhou Shipyard International is the only other listed CSSC yard, which has enjoyed a mixed time on the exchange.  [04/07/06]