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Toh Han Shih

Ningbo Port, one of the mainland's largest, will sell shares in Shanghai next year, with Hong Kong as a possible subsequent listing venue.
'The company's application for a listing [in Shanghai] is pending approval. We don't rule out a listing in Hong Kong. The details and timing depend on market conditions,' said a Ningbo Port executive. 
The decision to list in Shanghai before Hong Kong is in keeping with the mainland government's wishes.
The state-owned port aims  to raise about 10 billion yuan (HK$11.35 billion)  and  has hired BOC International to advise on the  A-share listing, according to Reuters.
Earlier reports said the company  planned a dual listing in Hong Kong and Shanghai in which it hoped to raise as much as 21 billion yuan.
In the first 11 months of this year, container throughput at Ningbo, the fourth-largest mainland container port, dropped 5.7 per cent to 9.58 million 20-foot equivalent units (teu). However, overall cargo throughput rose 3.5 per cent to 315 million tonnes in the first 10 months.
Ningbo has the country's biggest oil terminal,  which started  operating in October.
'The  government has been trying to persuade most mainland companies to list in Shanghai first, especially state-owned enterprises. The government wants to increase the valuation of the country's own stock markets. It's logical,' said Nomura analyst Jim Wong. 'It is possible to list in Hong Kong, but the share price is usually lower than in Shanghai.'
Typically,  valuations in Shanghai were 30 per cent higher than in Hong Kong,  another analyst said.
'I do see a trend of more Chinese companies choosing to list only  on the A-share market. The reasons include better liquidity, better valuation and fewer regulatory requirements,' said another Nomura analyst, Jiong Shao.
Companies that have done so include Western Mining in 2007 and China State Construction Engineering Corp, which had the world's biggest listing this year. China CNR Corp, a large state-owned rolling stock manufacturer, has also chosen  to list only in Shanghai.
'Ningbo Port is a good port with potential. It will list a lot of bulk port assets, not just its container port assets,' said Wong.
Growth at Ningbo would be driven by imports of commodities such as steel and iron to fuel the development of the country's property and rail sectors, he said.
State of play
Government prefers state-owned companies to list on mainland first
The amount Ningbo Port is hoping to raise in its A-share flotation, in yuan: 10b yuan



Ningbo Port to list in Shanghai before HK