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Ningbo Port aims for US$1.1b from IPO
By Soo Ai Peng |
September 14, 2010, Tuesday
|
Print Edition
Print Edition
CHINA'S Ningbo Port aims to raise up to 7.4 billion yuan (US$1.1 billion) from an initial public offering in Shanghai after a global trade recovery boosted earnings of Chinese port operators.
Ningbo Port, created from a 2004 revamp of the Ningbo Port Authority, said on Sunday the price range for the IPO, which was set at 3.18 to 3.70 yuan a share, values its shares at between 25.18 and 29.30 times 2009 earnings.
The firm will issue 2 billion yuan-denominated A-shares in the Shanghai offering.
Ningbo Port would also seek a Hong Kong listing after the Shanghai listing, but it did not say when it expects the Hong Kong listing to happen.
Ningbo Port's stock offer would reach the market at a time when world trade has rebounded strongly from last year's slump.
Global trade rose by over a quarter in the first half of 2010 from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organization figures showed this month.
Chinese port operators have reported strong earnings growth in the first half of 2010 as China's total trade hit record levels.
The port's net profit grew 38 percent annually to 1.11 billion yuan in the first half of 2010 due to more shipments of key raw materials into China.
Ningbo Port, created from a 2004 revamp of the Ningbo Port Authority, said on Sunday the price range for the IPO, which was set at 3.18 to 3.70 yuan a share, values its shares at between 25.18 and 29.30 times 2009 earnings.
The firm will issue 2 billion yuan-denominated A-shares in the Shanghai offering.
Ningbo Port would also seek a Hong Kong listing after the Shanghai listing, but it did not say when it expects the Hong Kong listing to happen.
Ningbo Port's stock offer would reach the market at a time when world trade has rebounded strongly from last year's slump.
Global trade rose by over a quarter in the first half of 2010 from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organization figures showed this month.
Chinese port operators have reported strong earnings growth in the first half of 2010 as China's total trade hit record levels.
The port's net profit grew 38 percent annually to 1.11 billion yuan in the first half of 2010 due to more shipments of key raw materials into China.
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