China’s Qingdao Port has announced that its proposed IPO on the Shanghai Stock Exchange has been approved by China Securities Regulatory Commission.
Currently Qingdao Port is listed on Hong Kong Stock Exchange and the company applied for a second listing in Shanghai last year.
According to Qingdao Port’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 date of the IPO has yet to be announced.
Qingdao Port is major port in North China and it completed a cargo throughput of 502.8m tons in 2017, ranked sixth among Chinese ports.