3 IPOs Soar Over 40% On Debut As Sentiment Shifts
By Chen Li |
August 11, 2011, Thursday
|
Print Edition
Print Edition
THREE new A-share listings soared more than 40 percent each on their debut yesterday as they took advantage of a shift in investor sentiment following a massive decline that may been overdone.
The rallies by Founder Securities, Wuhu Yaxia Automobile Co and Sainty Marine Co were a sharp contrast from the performances of their predecessors on their first day of trading. In the first half of this year, at least one in three suffered when they closed below their initial public offering prices.
Founder, the Chinese partner of Credit Suisse and China's 19th-biggest brokerage by assets, traded as high as 6.04 yuan (94 US cents) in Shanghai after opening at 5.51 yuan, above its IPO price of 3.90 yuan. It closed 43.6 percent up at 5.60 yuan. Liang Jing, an analyst at Guotai Junan Securities, sees a reasonable price for Founder at between 3.80 and 4.30 yuan.
Wuhu Yaxia surged 44 percent to close at 32.18 yuan in Shezhen, compared with its IPO price of 22.35 yuan. Jiangsu-based Sainty Marine was the most successful debutant of the three when its shares jumped 58.5 percent to close at 35.04 yuan in Shenzhen against its IPO price of 22.11 yuan.
The rallies by Founder Securities, Wuhu Yaxia Automobile Co and Sainty Marine Co were a sharp contrast from the performances of their predecessors on their first day of trading. In the first half of this year, at least one in three suffered when they closed below their initial public offering prices.
Founder, the Chinese partner of Credit Suisse and China's 19th-biggest brokerage by assets, traded as high as 6.04 yuan (94 US cents) in Shanghai after opening at 5.51 yuan, above its IPO price of 3.90 yuan. It closed 43.6 percent up at 5.60 yuan. Liang Jing, an analyst at Guotai Junan Securities, sees a reasonable price for Founder at between 3.80 and 4.30 yuan.
Wuhu Yaxia surged 44 percent to close at 32.18 yuan in Shezhen, compared with its IPO price of 22.35 yuan. Jiangsu-based Sainty Marine was the most successful debutant of the three when its shares jumped 58.5 percent to close at 35.04 yuan in Shenzhen against its IPO price of 22.11 yuan.
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