Jinzhou Harbour (Group) is to relaunch its maiden share issue next week with the lowest price-earnings (PE) multiple ever for a B-share flotation. The sole operator at Liaoning's western Jinzhou Port has decided to slash the PE by up to 41 per cent to lure investors. It hoped investors would be encouraged by the news that Beijing is to introduce measures to stimulate the B-share market. The issue of 100 million B shares is pitched at an historic fully diluted PE of 5.8 times, or an estimated fully diluted PE of 5.4 times assuming the issue of 60 million A shares by October, according to a Vickers Ballas Hong Kong research report. This means a price of 21 US cents, compared with the price range set for its planned January listing of between 28.8 cents and 36 cents. The listing has been held up by the market plunge and the collapse of its former international co-ordinator Peregrine Capital. In place of Peregrine is Vickers Ballas. GF Securities remains the mainland lead underwriter. Jinzhou Harbour will not hold a road show for its international placement which is expected to start on Monday.