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Brokerage debuts
By Feng Jianmin |
November 16, 2010, Tuesday
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Print Edition
Print Edition
SHARES of Shanxi Securities, the first brokerage listed on the Shenzhen bourse, beat market expectations by surging more than 70 percent on its debut yesterday.
The shares rose to 13.27 yuan from its initial public offering price of 7.80 yuan. Analysts previously expected the price to reach 9 yuan.
The largest brokerage in Shanxi Province issued a total of 400,000 shares and yesterday's closing price is more than 78 times its 2009 earnings. The average price and earnings ratio is about 30 for listed brokerages.
Analysts warned that its price will drop because of an unclear market outlook.
The securities sector has risen about 40 percent since October, benefiting from a strong performance in the stock market.
The shares rose to 13.27 yuan from its initial public offering price of 7.80 yuan. Analysts previously expected the price to reach 9 yuan.
The largest brokerage in Shanxi Province issued a total of 400,000 shares and yesterday's closing price is more than 78 times its 2009 earnings. The average price and earnings ratio is about 30 for listed brokerages.
Analysts warned that its price will drop because of an unclear market outlook.
The securities sector has risen about 40 percent since October, benefiting from a strong performance in the stock market.
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