* Listing comes amid probe into metals financing at Qingdao
* Shares fall 1 percent on debut
* Retail investors steered clear of IPO; cornerstones
propped up deal
(Adds with debut price, comment from company chairman)
HONG KONG, June 6 Shares in China's Qingdao Port
International Co Ltd weakened in their Hong Kong
trading debut on Friday amid concern that the company could be
hurt by a probe into metal financing at the world's seventh
Global trading houses and banks on Thursday were scrambling
to check on their exposure to the probe, as worries grow that a
crackdown into commodity financing could hit trade in the
world's top metal buyer..
Trading sources have said port authorities are conducting
the investigation but it is not clear which authorities are in
"Everything in Qingdao port is running normally," the
operator's chairman, Zheng Minghui, told reporters at the
company's listing ceremony at the Hong Kong stock exchange but
declined further comment.
Qingdao Port International is the primary operator of the
port, handling about 76 percent of the port's total cargo last
In very thin trade, the shares fell 1 percent to HK$3.72
from their IPO price of HK$3.76. The benchmark Hang Seng index
opened up 0.4 percent.
The rare fixed-priced initial public offering raised $377
million, with the company selling 705.8 million new shares,
while shareholder Qingdao Port (Group) Co Ltd offered 70.58
million existing shares. The funds will be used to expand
facilities at the port.
The retail portion of Qingdao Port International's deal
generated just a fraction of the total demand for the IPO,
accounting for 0.15 times the shares on offer, the company said
in a securities filing on Thursday. The institutional tranche of
the deal was "moderately over-subscribed".
The company received commitments worth $167.7 million from
six cornerstone investors, including $50 million from Shanghai
Zhenhua Port Machinery and $10 million from port operator DP
BOC International, Citic Securities International and UBS AG
were joint sponsors of the IPO, with CLSA and Deutsche Bank also
acting as joint bookrunners of the deal.
(Reporting by Elzio Barreto and Lawrence White; Editing by