Rizhao Port, a major bulk shipping port in north China, has announced that the company has approved a plan to list its subsidiary Rizhao Jurong Port Terminals (RJPT) on the Hong Kong Stock Exchange.
According to Rizhao Port, it plans to restructure RJPT into an operating platform for handling dry bulk cargoes include woodchips and grain, and apply to list the unit in Hong Kong. Following the restructuring of RJPT, Rizhao Port itself will be focusing on other dry bulk cargoes including iron ore, coal and steel.
Rizhao Port believes the Hong Kong listing will accelerate the development of RJPT, facilitating the strategic transformation of the company and enhancing the overall financial performance of the group.
The IPO is still subject to approvals from relevant authorities.
RJPT was established by Rizhao Port (70%) and Singapore’s Jurong Port (30%) for cargo handling at Rizhao Port in March 2011.
Rizhao Port completed a cargo handling volume of about 400m tons in 2017, ranked ninth among Chinese ports.