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Trading debut for Tianjin port

By Hui Ching-hoo (China Daily)
Updated: 2006-05-25 09:05

Tianjin Port Development, the operator of North China's largest seaport, saw its share price surge 26.3 per cent on its trading debut in Hong Kong yesterday.

Analysts said it was a result of investors' confidence in the rise of the mainland's Bohai Rim Region, with Tianjin as the region's economic hub.

Despite the recent slump of the benchmark Hang Seng Index, Tianjin Port ended yesterday at HK$2.375 (30 US cents), compared to its initial public offering (IPO) price of HK$1.88 (23.5 US cents). It  outshone another first-timer, Champion Real Estate Investment Trust, which was down by nearly 16 per cent on the same day.

"The first day performance of Tianjin Port was in line with our expectations in view of its tremendous over-subscription," said Lai Wai-shing, head of Hantec Investment's research department.

Wang Guanghao, chairman of Tianjin Development Holdings gestures in front of the listing of Tianjin Port Development Holdings at the Hong Kong stock exchange yesterday. The operator of China's fifth largest port traded sharply higher than its initial public offering in early trade. (AFP)

The retail tranche of Tianjin Port's IPO, which was offered to Hong Kong's individual investors, was oversubscribed 1,703 times, making it the most popular IPO in Hong Kong in terms of oversubscription times.