COSCO seeks HK IPO for container shipping arm

China’s top shipping group, China Ocean Shipping (Group) Co. (COSCO), plans to float its container shipping arm, the world’s seventh largest, in a Hong Kong IPO that is expected to raise more than US$1 billion. Hong Kong-listed COSCO Pacific Ltd., which leases shipping containers and operates terminals, said Friday its sister firm China COSCO Holdings Co. had submitted paperwork to the stock exchange to list its H shares.