New York: US-based ship agent Sino-Global Shipping America is attempting to raise nearly $8.4m funds from New York’s primary market via a public offering exercise. The proposed pricing of the IPO has yet to be specified. The funds raised through this exercise are to be used to fund the buyout of Hong Kong-registered Longhe Ship Management. The buyout deal was announced in September this year.
Lei Cao, chairman and ceo of Sino-Global, founded the agency in 2001. His prior work included stints with Chinese agency giant Penavico, while his shipping career started out at sea with Cosco Hong Kong. [07/10/14]