Dalian Port plans Shanghai IPO
Chinese port operator Dalian Port said it is planning to issue up to 1.2 billion yuan-denominated A shares in an initial public offering in Shanghai, to fund investments in terminal infrastructure and bulk cargo facilities, Dow Jones reported.
The container port operator also said it plans buy bulk port assets from its state-owned parent, Dalian Port, to be funded by issuing up to 1.2 billion A shares to the state-owned company.
Dalian Port, which listed in Hong Kong in 2006, is the largest port operator in the Bohai Rim region, an industrial hub in northeastern China. Its core businesses include Dalian Container Terminal and the Dalian oil terminal.
The company said the issue price of the proposed A-share IPO will be equivalent to at least 90 percent of the average trading price of its Hong Kong-listed shares over the 20 trading days before the prospectus is published, and will also be contingent on the conditions in China's securities market at the time.
The container port operator also said it plans buy bulk port assets from its state-owned parent, Dalian Port, to be funded by issuing up to 1.2 billion A shares to the state-owned company.
Dalian Port, which listed in Hong Kong in 2006, is the largest port operator in the Bohai Rim region, an industrial hub in northeastern China. Its core businesses include Dalian Container Terminal and the Dalian oil terminal.
The company said the issue price of the proposed A-share IPO will be equivalent to at least 90 percent of the average trading price of its Hong Kong-listed shares over the 20 trading days before the prospectus is published, and will also be contingent on the conditions in China's securities market at the time.