Guangzhou: Xiamen Shipbuilding Industry (XSI)’s IPO plan has been approved by Xiamen local government, according to local media.
XSI had earlier planned to expand share capital by 20% and raise RMB700-800m from the IPO for the development of new facilities. However, the plan was shelved due to the shipbuilding crisis.
XSI is now one of the leading shipyards in the world for the construction of car carriers, and received an order from a local group to build China’s first cruiseship in 2012. [07/11/14]