Archive for the 'IPO' Category

Dalian Port, the largest port company specializing in oil products and liquefied chemicals in northeastern China, is planning a domestic listing for as early as 2009.

In preparation for the listing, Dalian Port plans to increase its capital expenditure to US$140 million.

Jiang Luning, general manager of Dalian Port, said next year an A-share listing is possible but not definite because it will depend on the market situation and other factors.

Dalian Port plans to build 12 more crude oil storage tanks, which will have a total capacity of one to 1.2 million tonnes.

The firm expects its production of crude oil and refined oil to rise 10% this year. Last year it produced about 33.4 million tonnes.
Source: CargoNews Asia

Dalian Port, the largest port company specializing in oil products and liquefied chemicals in northeastern China, is planning a domestic listing for as early as 2009.

As part of this move to be a listed company Dalian Port plans to increase its capital expenditure to US$140 million.

However, the listing is not yet definitive. Jiang Luning, general manager of Dalian Port, said A-share listing is possible but not definite because it will depend on the market situation and other factors.

With its investment Dalian Port plans to build 12 more crude oil storage tanks, which will have a total capacity of one to 1.2 million tonnes.

The firm expects its production of crude oil and refined oil to rise 10% this year. Last year it produced about 33.4 million tonnes.
Source: CargoNews Asia

Shares in Sinotrans Shipping, China’s third-largest bulk vessel owner, had a Hong Kong IPO and unfortunately saw the shares slump possibly because investors cautiously reduced shares in the bulk-shipping sector because of concerns about falling iron ore and coal freight rates.

The stocks tumbled to HK$7.12 (US$0.93), 13% lower than the HK$8.18 (US$1.06) initial public offering price, while its sister company, logistics firm Sinotrans, fell 7.3%to HK$3.7 (US$0.48.)

Analysts said investors were also worried about the health of the US economy, which shows signs of a worsening credit crisis. In addition, Sinotrans Shipping’s IPO was priced at the high end when the market was still buoyant.

Taifook Securities shipping and aviation analyst Cho Fook-tat said, ‘Sinotrans Shipping is a good quality stock. It is plagued by lukewarm market sentiment.’

It joined other shipping stocks in a broad slide as the Baltic Dry Index, an indicator of commodity-freight rates, has fallen for seven days in a row.

Sinotrans Shipping raised HK$11.45 billion (US$1.484 billion in the largest Chinese shipping IPO since 1999 to expand its fleet.

Zhao Huxiang, president of China National Foreign Trade Transportation Corp, Sinotrans Shipping’s parent group, told reporters, ‘We are very confident about our profitability in 2008 and beyond. Asia, especially China, has strong demand for dry-bulk shipments, and China’s development fuels the global ocean shipping industry.’
Source: China Daily