Tianjin Port Development, which starts pre-marketing of an initial public offering of up to HK$1.05 billion $136 million this week, will be the third mainland port operator to list in Hong Kong in relatively short succession after Xiamen Port, which listed in December, and Dalian Port, which will start trading on April 28.
While China's growth offers a positive macro story for such ports deals, in this particular case, investors will have to balance this against a particular concern related to Tianjin port itself - the fact that the Hong Kong listed entity will face competition from a separate A-share listed entity more on this later.
Like Dalian Port, Tianjin Port is located...
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