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Qingdao Port eyes $377m IPO in Hong Kong

Qingdao Port International Co is seeking to raise up to $337m from an initial public offering (IPO) on the Hong Kong Stock Exchange.

Lee Hong Liang, Asia Correspondent

May 27, 2014

1 Min Read
Kalyakan - stock.adobe.com

The Chinese state-owned port operator intends to sell 776.38m new shares at HKD3.76 ($0.485) each and the listing date is planned on 6 June, according to a term sheet seen by The Wall Street Journal.

Qingdao Port has won the backing of six cornerstone investors that could buy nearly half the shares offered worth $167.7m. The port operator said the funds raised would be channeled to building port facilities.

Qingdao Port is ranked seventh in container throughput globally in 2013 on volumes of 15.52m teu, an increase of 7% year-on-year.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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