China Shipbuilding Industry Corp plans IPO

China Shipbuilding Industry Corp (CSIC), one of the nation’s leading shipbuilding groups, will seek an initial public offering (IPO) in 2007, according to sources close to the State-owned Assets Supervision and Administration Commission (SASAC).

Headquartered in Beijing, CSIC is reportedly planning a new issue of around 1.6 billion A shares to raise between 6 and 7 billion yuan (between US$793.3 billion and US$925.3 billion), the sources said.