CHINA'S largest coal port operator by capacity, Qinhuangdao Port Co, is raising up to US$717 million in an initial public offering in Hong Kong, according to the Wall Street Journal.
Hebei's state-owned Qinhuangdao Port lists on Hong Kong stock exchange CHINA'S largest coal port operator by capacity, Qinhuangdao Port Co, is raising up to US$717 million in an initial public offering in Hong Kong, according to the Wall Street Journal.
The port company is selling 829.9 million shares, or 16.5 per cent of its enlarged share capital, at a price of HK$5.25 (US$0.68).
The firm, which is controlled by the Hebei provincial government, has secured a total US$240 million in cornerstone investments from seven investors, including Zhongrong International Trust Co, China National Coal Group, China Communications Construction Co, China Datang Corp, China Guodian Corp and Taiping General Insurance Co. Cornerstone investors commit to buying and holding stakes for a specified period once a company has listed.