March 31 (Bloomberg) -- Qingdao Port Group Co., operator of China’s biggest port for crude oil and iron-ore imports, plans to seek about $500 million through an initial public offering in Hong Kong, said people with knowledge of the matter.
The state-owned company expects to receive the Hong Kong stock exchange’s approval next month and plans to start the share sale in the second quarter, the people said, asking not to be identified because the information is private. BOC International Holdings Ltd., Citic Securities Co. and UBS AG are managing the share sale, the people said.
Qingdao Port operates the world’s seventh-biggest port, according to its website. It handled 450 million metric tons of cargo and had container throughput of 15.5 million twenty-foot equivalent units last year, the website shows.
A Hong Kong-based external spokeswoman for Qingdao Port declined to comment on the IPO.
Qinhuangdao Port Co., the operator of China’s biggest coal port, and shareholders raised $562 million in a Hong Kong IPO in December, according to data compiled by Bloomberg. Shares of Qinhuangdao Port have fallen 21 percent from their IPO price as of Friday’s close after coal prices slumped.
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