Ningbo Port Group, operator of the mainland's fifth-largest port, is considering a plan to revive a scrapped initial public offering in a deal that could raise as much as US$500 million, sources said.
Ningbo Port had planned to sell shares in Hong Kong in 2005 but that deal fell apart when the company and bookrunners could not agree on a valuation, market sources said at the time.
Whether Ningbo Port would apply to sell shares in Hong Kong or Shanghai has not been decided. Ningbo Port declined to comment.
In January this year, Ningbo Port raised 500 million yuan by selling one-year short-term bills in the interbank market. The money would be used as working capital, the company said.
The port operator could find itself competing with some of its mainland rivals for investor funds. Guangzhou Port Group, an operator at China's third-largest cargo port, planned to raise up to US$750 million from share sale in the fourth quarter, sources said earlier this year.
Qingdao Port Group also planned an offering of up to US$500 million later this year, sources said.