Mainland container terminal operator Xiamen International Port yesterday won approval from the listing committee of the Hong Kong stock exchange for an initial public offering that aims to raise between US$100 million and US$150 million.
Xiamen's largest port operator plans to take its offer on a marketing tour next week. BNP Paribas Peregrine is the sponsor of the deal.
The port operator has a 55.13 per cent equity interest in A-share listed company Xiamen Development and a 51 per cent stake in a joint venture with Xiamen International Container, in which Hutchison Port Holdings owns the remaining 49 per cent.
Xiamen ranks seventh among mainland container terminal operators in terms of throughput. The port is able to handle vessels with 10,000 teu, given that it has one of the deepest ports on the mainland.
Last year Xiamen's port handled 2.9 million teu (20-ft equivalent unit) containers, up 23.2 per cent from a year ago.
The port is expected to handle 3.3 million teu this year, an increase of 13.8 per cent and future throughput growth is expected to be in line with the overall growth of Chinese ports.