Jan. 29, 2007 (China Knowledge) – Guangzhou Port Group, an operator at China's third-largest cargo port, plans to raise up to US$750 million from an IPO in the fourth quarter.

The State-owned company could list in Hong Kong first before listing on the Mainland. The HK IPO will range from US$500 million to US$750 million depending on which assets end up in the listed company, said a source to the South China Morning Post on Monday.

However, a spokesperson for Guangzhou Port Group has denied plans to list.

Guangzhou Port Group handled 200 million tons of the 300 million tons of cargo that moved through the city's port last year, according to official data.

The port, which connects to 17 international routes and 39 domestic routes, has 639 berths and 47 container terminals. It plans to spend RMB 20 billion to expand annual capacity to 350 million tons of cargo and more than 10 million 20-foot containers by 2010.