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Ningbo Port focuses on $1.5bn Shanghai IPO

Ningbo Port focuses on $1.5bn Shanghai IPO

Shanghai: Ningbo Port Co Ltd, one of China's four biggest deep water ports, has nixed plans for a dual listing in Hong Kong and Shanghai, deciding instead to focus just on the latter. Ningbo Port is now aiming for a 10bn yuan ($1.5bn) Shanghai listing within the first half of 2010, according to Reuters.
Ningbo Port, which had originally aimed to list in both Hong Kong and Shanghai markets, decided to float local currency yuan-denominated A-shares at the Shanghai Stock Exchange first, said the sources.
The port has been China's fastest growing port this decade and is widely regarded as the finest natural deepwater port on the mainland.  
No port in China has yet to successfully dual list. Dalian Port, already listed in Hong Kong, has in recent months announced its intention to dual list in Shanghai in the new year.  [15/12/09]

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