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Carrie Lee

LISTING candidate Guangzhou Shipyard International is expected to open its H-share offer on Wednesday.

  The firm will become the third mainland company to float in Hongkong, following Tsingtao Brewery and Shanghai Petrochemical.

   About 40 fund managers are visiting the shipyard today as part of a promotion kick-off.

  A presentation for fund managers and analysts is to be held in Hongkong on Monday.

  There will be five underwriters, including Peregrine Capital, and likely China Development Finance Co, which has been invited to join the underwriting team.

  The company is proceeding with the offer despite the lukewarm response to Shanghai Petrochemical and uncertainties in the stock market about China's economy.

  Managing director Ren Fuwei said any further delay would make it very difficult to apply for an extension of the period for which auditing over the past three years could still be used for listing purposes.

   That period already expired at the end of last month.

  Yesterday he remained tight-lipped on flotation details, although earlier reports said the company would raise about $300 million.

  Analysts predicted the issue would meet with a good reception, assuming its flotation size was in the order of the reported figure.

  ''History showed that would be easily absorbed by the Hongkong market,'' said Seapower Securities research manager Samuel Lau Kwok-leung.

        But he stressed the response would depend on the actual size and price-earnings ratio.



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Shipyard offer to kick off next week