Bloomberg
Qinhuangdao Port Co., China’s biggest coal port, is preparing an $800 million initial public offering in Hong Kong after waiting for more than a year to sell shares in Shanghai, said three people with knowledge of the matter.
The company, based in Hebei province, may cancel plans to sell shares in mainland China, where regulators have stopped allowing IPOs as they review listing rules, said the people, who asked not to be identified because the information is private. Qinhuangdao Port may start marketing the offering in Hong Kong in the fourth quarter, one of the people said.
Chinese regulators will resume approving IPOs only after revising rules on underwriting and disclosure, Jiang Xiangyang, an official at the China Securities Regulatory Commission, said June 25 at a press conference in Shanghai. More than 700 companies are waiting for approval from the regulator, after filing applications for IPOs in Shanghai or Shenzhen.