Ningbo Port IPO slips in Shanghai, will seek Hong Kong listing

SHARES in Ningbo Port fell below their IPO price on their Shanghai trading debut, the Wall Street Journal reported, adding that the company now intends to seek a separate listing in Hong Kong.

Ningbo shares opened at CNY3.72 (US$0.55), but closed down 3.5 per cent at CNY3.57. The company sold two billion A-shares in its IPO - fewer than planned - at the top of an indicative range of CNY3.18 - CNY3.70, a price-earnings ratio more than 20 times last year's earnings.

Tangshan Port, some 60 miles north east of Tianjin, the last port operator to list in Shanghai, also fell on its trading debut in June. More recently, while Agricultural Bank of China rose immediately following its IPO in August, but its shares have suffered since with shares falling below their IPO price.
(Source:www.schednet.com)