Ningbo floatation smaller than planned

This will fund just over half its expansion plans which total Yuan13bn. The company has said it will use its own money or other financial tools to make up the shortfall.

The relatively slow interest in the float was shown by the fact that the institutional slice of the shares was only covered 2.41 times – much weaker that other Shanghai IPOs.

It may be that the effect of the last port floatation has had an impact: the Tang Shan Port Group suffered a blow with the price dropping almost 4% below its float price on its first day of trading this summer.