Qingdao Port lists on Shanghai Stock Exchange

Qingdao Port International Co Ltd, operator of the world's seventh busiest port by shipping volume, was officially listed on the Shanghai Stock Exchange on Monday.

The company's stock price surged by 44.03 percent to reach 6.64 yuan ($0.98) per share shortly after the stock market opened and remained at the upper limit for IPO share price growth for the rest of the trading time.

"The listing will give a new impetus to the company's development as it is both on A-share and H-share markets," Li Fengli, chairman of the board of the Qingdao Port Group.

The company has been listed on the Hong Kong Stock Exchange since June 6, 2014.

"Qingdao port will make greater efforts to bring interests to its employees and shareholders," said Li, adding that the port aims to contribute more to China's opening-up and the society.

With a history of more than 100 years, Qingdao port is currently connected with over 700 ports in 180 countries and regions.

The port recorded an operation revenue of 8.6 billion yuan from January to September in 2018, a 13.54 percent increase from the same period in 2017.