Qingdao port readies for Hong Kong IPO this year
The Yellow Sea port of Qingdao in Shandong province is preparing a Hong Kong initial public offering, planned for later this year in a bid to become the shipping hub of northern China.
"We are preparing the IPO, and I would prefer to list in Hong Kong, hopefully this year," said Chang Dechuan, chairman and president of the Qingdao Port (Group).
The China Daily also reported that the group plans to list its core businesses of container handling, coal, iron, ore and crude oil. The funds raised through the IPO are expected to be pumped back into developing these sectors at the port; and container-handling facilities are anticipated to receive the lion's share of the capital injection.
Port authorities are also applying to Beijing for free trade port status that would encompass eight square kilometres of the 10-square-kilometre port area, to increase competitiveness.
"We are preparing the IPO, and I would prefer to list in Hong Kong, hopefully this year," said Chang Dechuan, chairman and president of the Qingdao Port (Group).
The China Daily also reported that the group plans to list its core businesses of container handling, coal, iron, ore and crude oil. The funds raised through the IPO are expected to be pumped back into developing these sectors at the port; and container-handling facilities are anticipated to receive the lion's share of the capital injection.
Port authorities are also applying to Beijing for free trade port status that would encompass eight square kilometres of the 10-square-kilometre port area, to increase competitiveness.
