Shipping giant eyes US$1.6 b

China COSCO Holdings Co Ltd, the country’s biggest container shipping firm, will raise up to HK$12.9 billion (US$1.6 billion) in a Hong Kong IPO, according to the company’s prospectus released yesterday.

China COSCO, operator of the world’s seventh-largest container fleet and the largest in the country, is offering 2.24 billion shares at HK$4.25 (54 US cents) to HK$5.75 (73 US cents) each.