Cosco Shipping Development Co. said it has raised 1.46 billion yuan ($229.0 million) in a private placement. The Chinese shipping company issued 530.4 million new shares at CNY2.76 apiece, it said Monday. Investors included the company’s current largest shareholder, China Shipping Group Co., which will remain the controlling shareholder after the deal. Cosco Shipping Development .
Cosco Shipping Development Co.’s third-quarter net profit nearly doubled from a year earlier on rising demand for container manufacturing and higher contributions from investment services. The Shanghai-based shipping company posted net profit of 1.57 billion yuan ($245.1 million) in the quarter, up 91% on year, it said. Revenue rose 117% to CNY10.62 billion. In the .