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Green light for Dalian Port's Shanghai IPO

Shanghai: China's securities regulator has approved Dalian Port's planned $556m initial public offering on the mainland, the China Securities Regulatory Commission said on its website.
Dalian Port, north China's largest port operator, plans to issue up to 1.2 billion shares in the IPO.
As part of the listing plan, Dalian Port will acquire the port business and assets of its major shareholder PDA Corp by issuing 1.2 billion shares to the latter in a share placement.
The listing of the yuan-denominated A shares and the planned acquisition will mark the listing of the entire Dalian Port group. Citic Securities is the underwriter for the planned offering. Dalian Port is already listed in Hong Kong. [21/10/10]

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