Ningbo Port to issue up to 2.5 bln shares in IPO

SHANGHAI, Sept 2 (Reuters) - Ningbo Port is set to issue up to 2.5 billion shares in its Shanghai listing, the company said in its prospectus filed to the Shanghai Stock Exchange on Thursday.

Ningbo Port said in June it planned to raise about $1.9 billion in mainland China's second-largest IPO this year, braving a Chinese market already staggering from a slew of large fundraisings and Beijing's tightening measures.

Ningbo Port competes with bigger rival Shanghai International Port (Group) Co (600018.SS).

Ningbo said its net profit for the first half of 2010 reached 1.12 billion yuan ($165 million) and its full-year net profit in 2009 was 1.84 billion. (Reporting by Melanie Lee; Editing by David Holmes) ($1=6.810 Yuan)