UPDATE 1-China's CSCL to launch $2 bln Shanghai IPO next week

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SHANGHAI, Nov 28 (Reuters) - China Shipping Container Lines Co (CSCL) (2866.HK: Quote, Profile, Research, Stock Buzz) said on Wednesday it will launch a domestic offering of its shares in Shanghai next week that analysts estimate will raise up to $2 billion.

The offer, the latest in a series of domestic currency A-share offerings this year by Chinese state firms with shares already listed in Hong Kong, will be open for subscriptions next Tuesday and Wednesday, CSCL said in a statement.

Subscription funds for the domestic offering will be unfrozen and returned to investors in two tranches, with one on Dec. 7 and the other on Dec. 10, the statement said, adding the offer would be priced on Dec. 6.

CSCL, the world's No. 6 container ship operator, said it planned to issue up to 2.3366 billion domestic A shares and use the proceeds mainly to expand its fleet.

CSCL's Hong Kong-listed shares closed at HK$6.13 ($0.788) each on Tuesday, down nearly 37 percent over the past month. Based on that price and its A-share plan, it could raise around US$1.9 billion, although A-share offerings by Chinese firms are often priced at a discount to their H shares.

CSCL expects its net profit to more than triple to at least 3.12 billion yuan in 2007, based on international accounting standards.