Qingdao Port prepares for HK IPO
click rate:3313 issue time:2007-03-10 08:12

Mar. 8, 2007 (China Knowledge) - Qingdao Port, China’s third-largest port by container throughput, is planning to go for an initial public offering in Hong Kong probably within this year, China Daily reported.

The size of the offering is not known yet, but Chairman and President of Qingdao Port Group Chang Dechuan was quoted as saying in the report that the group will have its major businesses coal, iron ore, crude oil and container handling listed.

The funds raised will be injected into the four sectors, especially in container handling.

Qingdao Port’s handling capacity increased to 224 million tons last year, more than twice its actual capacity of 100 million tons. The port’s handling capacity is estimated to reach 260 million tons this year while revenues will hit RMB 8.2 billion, Chang said.