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Economy slows shipyards' IPO plans

By Tong Hao (chinadaily.com.cn)
Updated: 2009-04-08 13:50

The IPO hopes of China Shipbuilding Industry Corp (CSIC), one of the country's largest shipyards, are being obstructed by the deteriorating shipbuilding industry worldwide, an industry supervisor said.

Related readings:  Shipbuilders still in doldrums  Glut of steel could worsen as shipbuilding orders plunge  Shipbuilder's revenue up 26% in 2008  Shipbuilders in consolidation mode

"The possibility of CSIC to get listed in 2009 is quite low due to the industrial downturn,"said Zhang Guangqin, president of China Association of the National Shipbuilding Industry.

Zhang said the gloomy stock market in China is also a big reason.

CSIC had planned to launch an IPO in A-share market at the end of 2008 or in early 2009. Zhang said the company completed all preparation work last year.

"All it needs to do now is to wait for a right time,"Zhang said.

Jiangsu Rongsheng Heavy Industries Group, China's largest private shipyard, also suspended its IPO plan this year due to the global financial crisis.