At 9:28 yesterday morning, Xiao Shengfeng, member of the Standing Committee of the CPC Dalian Committee and executive vice mayor, and Sun Hong, president of Dalian Port Co. Ltd.(DP)rang the opening bell together at the Shanghai Stock Exchange in Pudong, bringing DP s one-year journey toward returning to A shares to a successful end. With the successful A shares issuance, DP has secured two new records, becoming the first Chinese port operator with shares listed on stock exchanges in both HK and the PRC. At the same time that it has A shares issuance in a domestic stock exchange, DP began the acquisition of major shareholders assets and had the whole group listing on the market. He Jianzhong, director of the Policy and Regulation Division of the Ministry of Transport, and other leaders attended the ceremony.
As the first overseas listed company, DP issued H shares in April, 2006, on the Hong Kong Stock Exchange,breaking the record for the Asian port with the highest issue price. DP is the largest port operator of oil/liquid chemicals, container and specialized auto terminals in the Northeast. The total shares of the public offering and directed placement are 1.5 billion, with an issue price of 3.8 yuan/share, corresponding to an earnings ratio of 22.16 times. The online public offering, which appeared on the market yesterday, are 41,900 shares, off-line placement to institutional investors are 34,282 million shares which will appear on the market 3 months later; the directed placement to Dalian Port Group is 73,818 million shares, which will be for the acquisition of port terminal operations and related assets possessed by the Dalian Port Group, including terminals for ore, general cargo, bulk grain, passenger roll on/roll off and related logistics services, port supportive business and related assets of the above, with a lock-up period of 3 years.
In his speech, Xiao said that both the establishment and the development of Dalian have been based on the port. As the flagship and core enterprise in the construction of the Dalian international shipping center of Northeast Asia, DP has made gratifying achievements. With the rapid development of world economic integration and the increasing internationalization of Dalian, DP has entered a new stage of development. Following its 2006 listing on the Hong Kong Stock Exchange, DP has successfully returned to the domestic capital market with their unremitting efforts. With the successful A shares issuance, DP has become the first Chinese port operator with shares listed on stock exchanges in both HK and the PRC, and the IPO of A shares has created a precedent in the domestic capital market. We have good reason to believe that DP will improve their competitiveness and anti-risk ability with their A shares issuance, providing a strong guarantee for the construction of the international shipping center.Xiao expects that DP will, with this as a new starting point, forge ahead, improve its corporate governance structure and create new ways of operation, realizing regional development as well as diverse operations, logistics services and digital management to meet the requirements of fourth generation port development. In the acceleration of the international shipping center of Northeast Asia and the development of the Liaoning Costal Economic Zone, DP will play its leading role and make greater contributions to the revitalization of the Northeast old industrial base.
Xing Liangzhong, president of the Dalian Port Group, said that, by issuing A shares, DP has possessed all the port logistics operations and had the whole core business listing on the market, becoming a unified operation platform for logistics in Dalian Port with a larger scope of business and more assets for better overall strength in market competition.
Yesterday, DP A shares opened at 4.59 yuan per share, rising to a maximum of 5.50 yuan, and closed at 5.24 yuan, trading 3.76 million shares throughout the day, a turnover of 89.75%.
From: Dalian Daily
