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Rizhao Port to list

Hong Kong: Rizhao Port, a big port in the coastal province of Shandong, released its prospectus recently with the aim of selling 230 million shares through a pubic offering. Rizhao Port said it has set the initial public offering price for its Shanghai listing, which could raise up to 1.08bn yuan, at 4.70 yuan per share. The price represents a price/earnings ratio of 19.58 times based on earnings per share last year, Rizhao said in a statement with the Shanghai Stock Exchange. The money raised will go to build nine docks and upgrade its coal export system. Rizhao, one of the largest bulk ports in northern China, already has an annual throughput in excess of 100m tonnes. Earlier this year two other northern Chinese ports - Dalian and Tianjin - listed on the Hong Kong bourse.   [28/09/06]

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