Largest Chinese port builder - China Communications Construction Group - plans to carry out initial public offering for $2billion
Largest Chinese port builder - China Communications Construction Group has applied for initial public offering for $2billion at Hong Kong stock exchange. According to Gazeta.Ru, this information has been provided by Reuters, referring to sources close to IPO. Most probably after largest Chinese bank - Industrial and Commercial Bank of China the company will undertake simultaneous IPO at several stock exchanges of internal market, though it will depend on the market conditions, the sources say. Underwriters – UBS, Merrill Lynch and BOC International – plan to commence the offering in November or beginning of December this year. For the moment being the group’s assets value is 70 billion yuan. The group operates the fleet of over 800 units. China Communications Construction Group was established last year after merge of China Harbor Engineering Co. and China Road and Bridge Corp. The company’s headquarters is in Peking.