Guangzhou Port commences listing on Shanghai Stock Exchange

Guangzhou Port commences listing on Shanghai Stock Exchange

Guangzhou Port has officially completed its IPO and is now listed on Shanghai Stock Exchange, with the shares of the company up by the daily limit of 44 percent in less than one hour after the commencement of trading.

Guangzhou Port received approval from China Securities Regulatory Commission for the IPO in February. According to an earlier submission to the stock exchange, the port operator plans to issue about 698m new shares to raise RMB1.6bn ($232m).

Guangzhou Port will use the proceeds from the IPO to fund the construction of new terminals and other infrastructures in the Nansha Port area.

The new shares will account for around 11.28% of the company’s total issued shares. China Cosco Shipping Corporation and Shanghai Port Zhonghai Container Terminal has acquired 3.87% and 3.89% stakes in the company respectively.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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