(Yicai Global) June 19 -- A subsidiary of Rizhao Port, China's largest port for grain imports, has rallied on its first day of being a public company.

Rizhao Jurong Port Terminals's [HK:6117] stock price nearly tripled to HKD4 (US 50 cents) today. Share prices of other Chinese port operators, including those located in Lianyungang, Yingkou, and Nanjing, also rose.

Rizhao Port Jurong raised HKD600 million (USD76.7 million), selling 400 million shares priced at HKD1.5. The firm will use the funds to acquire new berths, related equipment, as well as expand its business.

Shandong's Rizhao Port spun off Rizhao Port Jurong so that the latter could specialize in woodchips and grain while the parent may focus on iron ore, coal and steel.

Rizhao Port Jurong's revenue climbed 2 percent from the previous year to CNY532 million (USD77.1 million) last year, according to its prospectus. Its net profit rose 38 percent in the two years ended 2018, exceeding the sector's average. 

Editor: Emmi Laine