Shandong Port Group (SPG) made its first public appearance in the direct financing market on March 28 and issued a super short-term commercial paper to raise 1 billion yuan ($157.7 million), with a coupon rate of 2.05 percent.
The super short-term commercial paper was underwritten by Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, and co-written by China Development Bank. Both the China Lianhe Credit Rating Co and the Golden Credit Rating International Co gave SPG an AAA credit rating.
According to SPG, the raised funds will be used to repay the interest-bearing debts of SPG's subsidiary companies as well as support the key investment projects and transformation development of the ownership units. It will play a positive role in reducing financing costs and strongly supporting the integrated reform and development of ports in Shandong.
In the future, SPG will further strengthen the role of the direct financing platform of the group headquarters, open up diversified financing channels, and enrich financing varieties.
It will continue to polish the golden signs of SPG, enhance the recognition and reputation of SPG in the capital market, and provide important financial guarantees for the transformation and high-quality development of local ports. The company will accelerate the development of world-class maritime ports in an all-round and efficient manner.
SPG, consolidated in August 2019, has integrated many of the province's major ports, including Qingdao Port, Yantai Port, Rizhao Port, and the Bohai Bay Port Group, in order to maximize port resources and eliminate regional competition.
Since its establishment, SPG has focused on the historical mission of "accelerating the construction of world-class marine ports", actively integrated into the national strategies of Belt and Road Initiative and the ecological protection and high-quality development of the Yellow River Basin, and accelerated the construction of an international shipping hub in Northeast Asia.
In 2021, the cargo throughput of SPG exceeded 1.5 billion metric tons, and the container volume exceeded 34 million TEUS (twenty-foot equivalent units), up 6.1 percent and 8.3 percent, respectively, year-on-year, ranking first and third in the world.
Source: SPG
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