Tianjin Port Shares Rise, Operations Normal as Chairman Probed

Tianjin Port Co., operator of northeast China’s major maritime gateway that suffered an enormous chemical blast two weeks ago, rose after the company said operations will remain normal even as its chairman comes under investigation.

The company’s shares were up 2.8 percent to 9.13 yuan in Shanghai trading at 9:58 a.m. Thursday, after closing Wednesday at their lowest level in almost a year. The Shanghai Composite Index climbed 2.4 percent Thursday. Tianjin Port Development, which handles container terminals, suspended trading in Hong Kong Thursday morning, without citing a reason.

Chinese prosecutors detained 11 current and former local government and company officials as they investigate suspected neglect of duty and abuse of power, the official Xinhua News Agency reported Thursday. Officials under probe include Tianjin Port Group President Zheng Qingyue, according to the report, which was posted on the Ministry of Public Security criminal investigation department’s official microblog.

Aug. 12 blasts at a chemical storage site in the northern Chinese port city killed at least 139 people, according to the official China Daily, and injured hundreds.

Tianjin Port said it learned of Zheng’s detention from the Xinhua report, and that its vice chairman will assume his duties for now.

— With assistance by Clement Tan

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