Shaanxi Coal sparkles 14% on debut
Print Edition
Shaanxi Coal Industry Co rose nearly 14 percent yesterday in the trading debut of China’s largest initial public offering since the IPO market resumed last month.
Its shares jumped 44 percent to 5.76 yuan (95 US cents), from its IPO price of 4 yuan, in early morning trading before being suspended under the Shanghai Stock Exchange’s circuit breaker rule that allows shares to rise or fall 44 percent on the debut day.
As trading resumed with five minutes to go before the end of the trading hours, Shaanxi Coal gave up some of its gains. It closed at 4.55 yuan, still 13.75 percent higher from its IPO level.
The gain in its share price was in line with the rally of other recent new listings, many of which had leapt the maximum allowable 44 percent on their trading debut, analysts said.
But the plunge after trading resumed also meant investors were cautious at a time China’s coal industry is facing weakening demand amid deteriorating air quality.
Shaanxi Coal, China’s third-largest listed coal miner, raised 4 billion yuan in the Shanghai share offering, the biggest on China’s mainland since regulators lifted a 14-month freeze on IPOs late last year. The suspension had been imposed so that reforms on new share sales could be carried out in a bid to restore investor confidence.
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