Sinotrans prepares for IPO

The analysts meeting for a $500 million Hong Kong Stock Exchange listing was convened yesterday (Wednesday).

China's national transportation and logistics company, Sinotrans, is preparing to become the first major listing on the HKSE in 2003, with plans to raise up to $500 million. The company will sell 38.5% of its enlarged share capital through an offering led by Bank of China International and Credit Suisse First Boston.

However, the amount being sold to retail and international investors will probably amount to about $350 million, as 10% of the company's equity is likely to be taken up by strategic investors including a number of Sinotrans' many joint venture partners such as international express delivery group DHL.

Pre-marketing is currently scheduled to start on January 6, with...

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