China shipbuilder Rongsheng floats $1.5 bln IPO -sources

HONG KONG, May 4 (BestGrowthStock) – Jiangsu Rongsheng Heavy
Industries Co Ltd has appointed two Wall Street banks to help it
push forward a long-awaited listing plan to raise up to $1.5
billion late this year.

China’s No.1 private shipbuilder hired Morgan Stanley (MS.N: ) (Read more about the money market today. )
and JPMorgan (JPM.N: ) to finalise plans for its initial public
share offering in Hong Kong, aiming to raise up to $1.5 billion
in the fourth quarter, sources told Reuters.

This is Rongsheng’s latest bid to go public after it failed
to raise more than $2 billion from a planned IPO in Hong Kong in
2008, mainly as a result of the global financial crisis.

Rongsheng’s early main shareholders include an Asia
investment arm of Goldman Sachs (GS.N: ), top U.S. hedge fund D.E.
Shaw and New Horizon, a China fund founded by the son of Chinese
Premier Wen Jiabao.

The three investors sold off their stakes in Rongsheng for a
profit early this year, said the sources familiar with the
situation. Representatives for the banks, funds and Rongsheng all
declined to comment.

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China shipbuilder Rongsheng floats $1.5 bln IPO -sources