Location:Home >News> nationalnational

  • Ningbo Port plans Hong Kong listing
  • 2011-3-11 13:25:40
  • Ningbo Port Co, the operator of the country's second-biggest port by throughput, still intends to go public in Hong Kong ? after its debut in Shanghai in September to raise capital for the tens of billions it plans for future investment, a top port official said.

    "We have plans to list in Hong Kong, but so far there's no timetable for the listing," Li Linghong, president of the listed firm's parent Ningbo Port Group, told China Daily.

    Li, also a deputy of the National People's Congress, said that the company plans to invest US$6.1 billion in port terminals, equipment, logistics, and inventory systems during the 12th Five-Year Plan (2011-2015) period.

    The port's container throughput this year will undoubtedly outpace last year's volume and will see "double-digit" growth, Li said.

    Ningbo Port, adjacent to Shanghai in eastern China's city of Ningbo, Zhejiang province, raised US$1.12 billion in its initial public offering (IPO) in Shanghai in September, but dropped below its IPO price on its debut.

    The proceeds from the capital market have not been used up, Li said, but for the port to reach its goals in the coming years, more cash is needed.

    The local government-backed port operator said in June in a statement that it also plans to sell up to 2.35 billion shares in Hong Kong, without giving a timetable.

    Ningbo Port reached 36.6 million tonnes of cargo throughput in January, up 12 percent from a year earlier; its container throughput grew by 30.6 percent to reach 1.26 million TEUs.

  • [Back]