Dalian Port raises $856 million from Shanghai listing

The company settles on a relatively modest valuation in an attempt to avoid a poor secondary market performance.

Hong Kong-listed Dalian Port, the largest port operator in north China, has raised Rmb5.7 billion $856 million in a Shanghai initial public offering after pricing its shares at the mid-point of the indicated range.

The pricing suggests that the company is attempting to avoid the weak secondary market performance that has plagued two of its domestic peers since they listed in Shanghai earlier this year by leaving some upside room for its shares.

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