Tianjin Port Development

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Tianjin Port Development Company Limited, headquartered in Tianjian Municipality, is principally engaged in the port handling, the warehousing and storage of cargo and the provision of freight forwarding and shipping brokerage services. The Company mainly handles bulk coke, coal, ore and containers. During the year ended December 31, 2006, the Company handled approximately 91 million metric tons of bulk cargo and 2.9 million Twenty-Foot Equivalent Units (TEUs) of containers, provided shipping brokerage services for 10,044 ships and freight forwarding services for approximately 16.7 million metric tons of cargo. In 2006, approximately 90% of the total revenue was from the port handling services. As of December 31, 2006, the Company had five major subsidiaries. The company sold 578 million IPO shares, or 34 percent of its enlarged share capital, and raised 1.09 billion HK$ ($139.74 million) through the offer, which was listed on the Hong Kong Stock Exchange in May 2006.