Guangzhou Port Group is accelerating its IPO process and is expected to get approval from China Securities Regulatory Commission in the first quarter of 2017, Chen Hongxian, president of Guangzhou Port Group revealed at a government meeting.
Guangzhou Port applied for the IPO in December 2014, however, the central government has been slowing down approvals on new IPO applications in the past a couple of years in an effort to stabilize the stock market.
According to Chen, Guangzhou Port expects to use the funds from the IPO to further optimize the port infrastructure and promote the restructuring of port assets in the Pearl River Delta region.
Guangzhou Port completed a cargo volume of 500m tons and a container throughput of 17.39m teu in 2015.
