Rongsheng, Planning Hong Kong IPO, Expects Rising Profit on China's Growth

China Rongsheng Heavy Industries, the nation’s second-biggest shipbuilder, said domestic economic growth and government support will boost profit.
“The future of shipbuilding is upbeat as the global economy is recovering stably,” Chief Executive Officer Chen Qiang said in Hong Kong today via a video conference. “The overall development of China’s economy has brought the industry a lot of opportunities.”
Rongsheng is seeking to raise as much as $2.3 billion selling 1.75 billion shares at HK$7.30 to HK$10.10 in an initial public offering this year. The shipbuilder intends to use the proceeds for projects including a fourth drydock, as a rebound in world trade following last year’s global recession revives demand for ships.
[Read More]
Source: Bloomberg