CIMC's HK listing plans approved

The China Securities Regulatory Commission approved a proposal from China International Marine Containers (Group) Co on Wednesday to re-list its shares in Hong Kong.

Once the Hong Kong Exchange agrees with the plan, the world's largest producer of shipping containers will stop trading its Hong Kong dollar-denominated stocks in Shenzhen's B-share market.

The Hong Kong Exchange will hold a public hearing for CIMC on Thursday. The company said that the last trading day for its B shares is expected to be Nov 29.

CIMC said in August that it will move 1.43 billion shares from the Shenzhen Stock Exchange to Hong Kong, without raising additional funds.

Analysts said that the move might be a signal that securities regulators plan to redesign the stock market structure by closing the B share market.

The shipping company now has 2.66 billion shares in Shenzhen and 1.23 billion shares in Shanghai's A-share market.

CIMC said it will repurchase the B shares from investors at a price of HK$9.83 per share.