Tianjin Port Development Holdings will be third-time lucky if it secures a hearing for its US$100 million listing application this week, according to market sources.
The spin-off of red-chip conglomerate Tianjin Development Holdings failed to obtain unconditional approval for its initial public offering from the stock exchange in November last year and again in January.
The port operator was challenged by the listing committee over its close relationship with Tianjin authorities and also potential business competition with its parent, sources said.
It is understood Tianjin Port has since signed a non-competition agreement with Tianjin Development.
If it gains approval, it will beat Dalian Port to become the second mainland port operator to list in Hong Kong. CLSA is the sponsor of the share sale.
Dalian Port, which is being brought to market by BNP Paribas, is aiming for an April listing for its US$200 million initial public offering.
Meanwhile, Roger Wang Hung, chairman of listing candidate Golden Eagle Retail Group, said yesterday that the company would continue to open department stores in second-tier mainland cities because they had higher growth potential and more room for development.
