Shipping IPO in Asia: Where Else But China

We could barely contain our excitement when we picked up news that Hainan Strait Shipping had successfully raised net proceeds of RMB 1.28 billion (USD 187 million) on the Shenzhen Stock Exchange last December. The news might be a little old but any shipping company that managed to pull off an IPO last year deserves some recognition in our newsletter.

Hainan Strait Shipping, a ro-ro operator based in Hainan Island in China sold 39.5 million new shares at RMB 33.6 (USD 4.92) a piece, making this the second shipping IPO in Asia last year. Established by Haikou Port Group together with co-investors Shenzhen Yantian Port Holdings and China Shipping Haisheng (a listed subsidiary of state-controlled China Shipping Group), Hainan Strait Shipping operates a fleet of 17 vessels including 15 ro-ro passenger ferries and 2 passenger vessels between Hainan Island and Guangdong province in China. Its main shareholder Haikou Port Group has a 75% stake prior to the IPO and is 95% owned by the central government. For those who are not familiar with Hainan, the island is located in the southern most of China and Hainan Strait Shipping operate ferry services in the shallow, narrow Qiongzhou Strait that separates the island and Guangdong’s Leizhou Peninsula.

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