Ningbo Port plans Shanghai IPO by end June

Ningbo Port is planning to list on the Shanghai stock exchange in the second quarter of this year. Li Linghong, Ningbo Port chairman, told local media that the company planned to list by the second quarter of the year at the latest with the company having submitted an application to the China Securities and Regulatory Commission. The port previously announced plans for an initial public offering in Shanghai and Hong Kong 2008 but these were put on hold due to the onset of the global financial crisis. The proceeds from the listing will be used for expansion plans at the port and for mergers and acquisitions. The port was previously reported to be hoping to raise RMB10bn ($1.46bn) from the share sale.