One of China's biggest shipbuilders has resurrected plans for a $1.5bn Hong Kong initial public offering in a sign that confidence is returning to a sector that was battered by the financial crisis.
Jiangsu Rongsheng Heavy Industries has appointed investment banks including Morgan Stanley to arrange the share sale in the fourth quarter, according to a person familiar with the matter.
Rongsheng had originally planned to raise $2bn in 2008 but the offering was abandoned as the financial crisis crippled capital markets and triggered a collapse in global seaborne trade.
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