New Century Shipbuilding, the Chinese shipbuilder which canceled a share sale in Singapore last May, is seeking at least US$1 billion ($1.28 billion) in a Hong Kong initial public offering, two people familiar with the matter said.

The company, based in Jingjiang in eastern Jiangsu province, aims to list in Hong Kong in the first half of this year, said the people, who declined to be identified because the information is confidential.

New Century is looking to list in Hong Kong after a record HK$384.4 billion ($62.8 billion) was raised in IPOs excluding overallotments last year. It didn’t give a reason for withdrawing a $666 million initial public offering in Singapore last May.

 

Global shipbuilding orders may rise 4% this year to the highest since 2008 as economic recovery drives demand for consumer goods and fuel, according to estimates by South Korea’s industrial ministry this month. China’s shipyards received new orders totaling 75.2 million deadweight tons last year, 2.9 times that of 2009, the country’s industry and information technology ministry said Jan. 14.

 

New Century owns two dry docks in China and builds vessels for transporting oil, wood and containers, according to its Web site.

 

BOC International, CCB International, China International Capital Corp. and Deutsche Bank AG are managing the sale, the people said. A man who answered the phone at New Century’s head office in Jingjiang declined to comment or give his name.