Shipping company seeks re-listing in Hong Kong

Shipping company seeks re-listing in Hong Kong

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The Chinese International Marine Containers Group Company is waiting for an approval from the China Securities Regulatory Commission in regards to moving its listing away from the troubled foreign currency denominated stock pool to the H-Share market. Industry observers have opined that move could very well take place.

A public hearing will be attended by the world’s largest producer of shipping containers in Hong Kong on November 22, 2012, as the first attempt is made by the container company to transfer the ‘B Shares’ on to the Hong Kong Exchange. Until now there have been no other companies making a request for a similar transition.

Yu Yuqun, the board secretary of the  shipping company said that the time schedule for the H Share listing has not yet been settled. Inactive trading in recent times has increased in the Shenzhen B market, due to which investors are moving towards the fast-increasing A Shares.

Moreover, foreign investors have more channels to push money into the mainland as China’s capital market slowly opens up; this includes the Qualified Foreign Institutional Investor Scheme. Analysts have suggested that the B shares can be gradually merged into the H shares or the A shares, after which the foreign currency denominated stock market might close.