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Zhonggu Logistics IPO approved

Shanghai-based domestic container shipping operator Zhonggu Logistics has been granted approval by the China Securities Regulatory Commission to commence an IPO on the Shanghai Stock Exchange.

The company announced the IPO plan in May last year after it terminated its listing on the National Equities Exchange and Quotations (NEEQ).

Zhonggu plans to issue 81.9m new shares which will account for 12% equity interest of the company, to raise about RMB2.398bn ($342m).

The company will use the proceeds from the IPO for the acquisition of new containerships and containers. The date of the IPO has yet to be announced.

Alphaliner data shows Zhongu Logistics currently operates 115 ships with total capacity of around 168,000 teu, making it the largest domestic container shipping operator in China and 13th largest containership operator in the world.

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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