Sinopacific seeks to expand

Chinese shipbuilder Sinopacific Shipbuilding Group is planning to raise about $660 million in a public listing in the domestic A-share market in June 2008. China’s CITIC Bank will underwrite the Sinopacific listing according to its chairman and chief executive officer, Simon Liang, who founded the company.

Sinopacific expects to book turnover this year of $660.3 million, having grown from a company that started by building three ships in 2003. Liang said “This year we will deliver 25 … We are a fast-growing company, and in the next three to five years we should have a 60-70% increase in turnover.”