Jinzhou Harbour Co

Jinzhou Harbour Co plans to raise US$21 million from a B-share listing on the Shanghai exchange this month - the first B-share primary offering in Shanghai this year.

The company will issue 100 million B shares through an international placement, at 21 US cents each.

The price represents a price earnings ratio of 5.8 times.

The placement will close on Thursday, with shares expected to start trading on May 18.

The proceeds of the placement - and from an expected A share issue later this year - will be used for the construction of its phase two terminal.

Vickers Ballas Hong Kong has replaced Peregrine Investments Holdings, which collapsed in January, as international co-ordinator for the B share listing.