Ningbo valued at US$1.1bn

According to Reuters, demand for the IPO, China’s third largest offering this year, was strengthened by increased confidence of a rebound in the global economy that could see Ningbo Port’s earnings grow by at least 20% this year.

It is understood that the funds raised will be used in six projects, including terminal construction and equipment to further improve cargo handling capacity and working efficiency, improve port logistics services and to guarantee sustained development of the company.

Despite the impact of the worldwide financial crisis and as one of four key international deep-water transit ports developed on mainland China, the port maintained its eighth position in the CM World Top Container Port 2010 survey, recording a container throughput of 10,502,800 teu.