Qingdao Port’s Shanghai IPO approved by authorities

Qingdao Port’s Shanghai IPO approved by authorities

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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