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Qingdao Port looks to Hong Kong for IPO

Qingdao Port looks to Hong Kong for IPO
Qingdao Port (Group) Co is looking to raise $200-300m from an initial public offering (IPO) on the Hong Kong Stock Exchange, after it dropped plans to list in Shanghai, reports said.

The listing could be completed by the first quarter of 2014, according to sources cited by the report.

Qingdao Port had been seeking to list either in Hong Kong or China since 2007, but it aborted the plan when the global financial crisis hit in September 2008.

The company has reportedly hired BOC International, Citic Securities International and UBS AG to handle the planned public listing.

On Tuesday, Qingdao Port teamed up with Cosco Pacific, China Merchants Holdings (International) Co and IMC Group to invest, manage and operate an iron ore terminal in Dongjiakou in Qingdao.