Qingdao Port’s shares drop on their debut in Hong Kong
July 1, 2014 Category Logistics, Ports & sea transport
Qingdao Port International Co’s shares dropped 1.3% to HKD3.71 in their trading debut on the Hong Kong Stock Exchange, compared with their IPO price of HKD3.76, amid concern the company could be hurt by a probe into metal financing at the world’s seventh-busiest port. Net proceeds from the global offering were around HKD2.49 billion. According to its prospectus, 90% of the funds raised, or HKD2.24 billion, would be used for setting up cargo handling facilities at the Dongjiakou Port Area, a part of Qingdao Port that will be able to handle 300 million metric tons of cargo every year after completion. The lukewarm response from retail investors in Hong Kong also contributed to the share price decline. Only 11.89 million shares were grabbed in the local offering, equivalent to approximately 15% of the total amount available for subscription. The rest was purchased by international buyers, the company said in an announcement. A total of 776.38 million shares were on offer initially.
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