Antong Holdings, the parent group of Chinese domestic shipping operator Ansheng Shipping, has announced that the company’s new fund raising plan was approved by China Securities Regulatory Commission.
Under the plan, Antong Logistics will issue 297m new shares to specific investors to raise up to RMB3.295bn ($473m).
The proceeds will be used for the development of two intermodal logistics bases in Tangshan and Quanzhou, and the acquisition of twelve 644 teu eco-friendly feeder boxships.
Antong Holdings said the government’s policy support for intermodal logistics has brought new opportunities for the company’s development while the new eco-friendly containerships will help the company further complete its domestic service network.
Antong Holdings is the listed unit of Renjian Group, which is run by Fujian’s Guo brothers.