China's shipbuilder Rongsheng aims for IPO this year

Privately held Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Co Ltd is aiming for an initial public offering possibly in Hong Kong this year, its president said on Wednesday. 'Several stock exchanges such as Singapore and the New York Stock Exchange have contacted us, but personally I prefer Hong Kong,' Chen Qiang, president of Jiangsu Rongsheng, told reporters. Asked how much the compang hoped to raise, he said it depended on market conditions. Rongsheng, which aims eventually to compete with much bigger state-owned rivals such as Guangzhou Shipyard International Co , is seeking to tap capital markets to fund growth.

Source: http://hk.quote.com