Chinese port operator Qingdao set for subdued HK trading debut
Published on Jun 6, 2014 9:48 AM
HONG KONG (Reuters) - Shares in China's Qingdao Port International are set to open flat 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 busiest port.
Global trading houses and banks on Thursday were scrambling to check on their exposure to the probe, as concerns 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 charge. Port officials have declined to comment except to say that operations are running as normal.
Qingdao Port International is the primary operator of the port, handling about 76 per cent of the port's total cargo last year.
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