Greater ChinaShipyards

CSSC cheque is in the mail for bank IPO

China State Shipbuilding Corporation (CSSC), one of the two state run shipbuilding conglomerates in China, is going to support the IPO of state run bank Postal Savings Bank of China with $2bn.

According to a Wall Street Journal report, Postal Savings is close to securing a roughly $2bn cornerstone commitment from CSSC ahead of its IPO, which is expected to raise more than $7bn.

Postal Savings received approval from the China Securities Regulatory Commission for the IPO this week and will apply for approval at Hong Kong Exchanges and Clearing. The IPO is expected to take place at the end of September or the beginning of October.

CSSC controls a number of major shipyards in China including Hudong Zhonghua Shipbuilding, Jiangnan Shipbuilding, Waigaoqiao Shipbuilidng and Guangzhou Longxue Shipbuilding.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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