Qingdao Port shares fall on third day of trading


Shares in China's Qingdao Port International have slid, just three days after debuting on the Hong Kong stock exchange.

The shares closed at HK$3.63 on 10 June, down from last week's list price of HK$3.76 per share. The company is looking to raise HK$2.49Bn ($321M) from the IPO. HK$2.24Bn will be used for setting up cargo handling facilities at the Dongjiakou Port Area, a part of the Qingdao Port that will be able to handle 300M tonnes of cargo every year after completion, according to its prospectus.

However, the port's first listing day was followed by a clarification announcement for a financial investigation on its Dagang Branch. On 31 May 2014, the branch was asked to assist with the investigation on an alleged fraud case related to relating to certain metal products stored at the branch. Q

ingdao Port, however, claimed its operations have not been hampered by the investigation. "Everything is running normally,", Zheng Minghui, chairman of Qingdao Port Group, stressed during the listing ceremony on Friday. He refused any further comment on the issue.

Source from : IHS Maritime 360