Hong Kong bulk and tanker shipping company Wah Kwong Shipping Holdings Ltd kicked off pre-marketing for its $200 million Hong Kong IPO yesterday, sources close to the deal said.

The company - established in 1952 by Chao Tsong-yea - was listed in Hong Kong in 1973, but after a period of weak share prices, it was delisted and taken private in 2000.

Wah Kwong Shipping has 12 vessels with an average age of less than three years. It also has plans to add 19 new vessels. Cazenove is the sponsor of the IPO deal.

Hong Kong's share-market rebound has warmed up the IPO market. Three companies have kicked off their public offerings. Clothes retailer E-land Fashion, and fashion and accessories company Artini started their public offerings on Friday, while Asia Cement started selling shares to retail investors yesterday.

The fundraising activities will go on. Pou Sheng, a spin-off of the world's top maker of sports shoes, Yue Yuen Industrial, is also planning its IPO. That deal will most likely happen this quarter, with Pou Sheng planning to raise $600 million.

Reuters

(HK Edition 05/06/2008 page2)