Qinhuangdao Port drops at open trading in HK debut
Qinhuangdao Port Co, operator of the world’s biggest coal hub, dropped as much as 5.7 percent in its Hong Kong trading debut on Thursday. The port operator, based in Hebei province, raised HK$4.36 billion ($562 million) by selling 829.85 million shares. Qinhuangdao Port also runs terminals in Caofeidian Port and Huanghua Port in Northern China’s Bohai Rim and plans to use about 65 percent of net proceeds from the listing to help pay for construction of two 200,000 ton-level ore berths in Huanghua Port. The 5.49 billion yuan (4904 million) project is scheduled for completion next year. The company and associates operate a total of 62 berths and handled about 336 million tons of commodities in 2012, according to its prospectus.