CIMC share transfer proposal approved

The proposal to transfer the shares of China International Marine Containers (Group) Co from the B-share market to the H-share market has been approved by the Hong Kong Exchanges.

According to the statement released by CIMC on Thursday, the world's largest producer of shipping containers will stop trading its Hong Kong dollar-denominated stocks in Shenzhen's B-share market on Thursday and will be re-listed in Hong Kong's H-share market.

A total of 1.43 billion shares were moved from the Shenzhen Stock Exchange to Hong Kong since August, without raising additional funds.

CIMC's move may be a signal that securities regulators plan to redesign the stock market structure by closing the B-share market, industry insiders said.

The shipping company now has a total of 2.66 billion shares, including 1.43 billion B-shares in Shenzhen and 1.23 billion shares in Shanghai's A-share market.

Although the portion of B shares is still larger than the portion of A shares, the trading of B shares has been lackluster recently.

CIMC said that the transfer to the H-share market is a big step to raise the reputation of the group and move forward with the globalization process of the company.