Qinhuangdao Port Co to raise US$800 million through IPO
Qinhuangdao Port Co. announced plans for an US$800 million IPO. China's biggest port will offer its shares to the public after waiting for more than a year to sell its shares in Shanghai. The company may cancel the sale of share in China due to regulators stopping IPOs as they review current listing rules. Qinhuangdao Port Co. will start the public offering by marketing its shares in Hong Kong beginning fourth quarter of the year.
Chinese regulators will resume approvals of IPOs after revisions to the current rules on disclosures and underwriting. More than 700 companies applied for IPOs are currently awaiting for approval from regulators.
Qinhuangdao Port Co plans to sell 1.4 billion shares in a Shanghai public offering. The company plans to raise CNY4 billion to fund company projects, repay debt and to buy equipment for its operations.
Qinhuangdao Port raised CNY5.9 billion or US$962 million through sales in 2011. The company's revenues for the first half of 2012 reached CNY3.1 billion, as posted in a filing to the China Securities Regulatory Commission.