Chinese port operator Qingdao Port International has announced that it has completed a share offering, and the shares will be listed on the Shanghai Stock Exchange on January 21.
The Hong Kong-listed company received approval for a second listing on Shanghai Stock Exchange in September last year.
According to the company’s IPO prospectus, the company is looking to raise RMB8.48bn ($1.24bn) from the IPO and the proceeds will be used to fund the development of an oil storage project and new berths at Dongjiakou port area, and purchase new equipment.
The company also entered into bulk shipowning at the end of last year after the acquisition of supramax vessel Qingdaogang Dagang.
This week, Qingdao Port joined Global Shipping Business Network (GSBN), a blockchain consortium currently joined by CMA CGM, Cosco, Evergreen Marine, and Yang Ming.