The Chinese government has given the okay for giant state shipowner Cosco Shipping Holdings's CNY 12.9bn ($1.94bn) share issue.
The stock will be sold in a private placement to fund containership orders.
The Shanghai and Hong Kong-listed boxship division of the giant CoscoCS group said up to 2.04bn A-shares will be issued.
The company told the Shanghai Stock Exchange that the CoscoCS group is committed to subscribe for 50% of the offering.
