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CITIC Heavy gains 4.7% in first-day trading
By Richard Fu |
18:12 UTC+8 July 6, 2012
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Online Edition
Online Edition
CITIC Heavy Industries Co, which raised 3.2 billion yuan (US$503 million) in a Shanghai IPO, staged a modest trading debut today as volatile stock markets and slowing economy continue to hit new listings.
CITIC Heavy rose as much as 4.7 percent before closing up 2.57 percent at 4.79 yuan on the Shanghai Stock Exchange. At one stage, the stock fell to 4.63 yuan, below its IPO price of 4.67 yuan.
The Shanghai Composite Index rose 1.01 percent today after slumping 0.7 percent. China announced an interest rate cut yesterday, raising concerns about the health of the economy.
Huatai Securities analyst Chen Huiqin said CITIC Heavy's first-day performance is "not bad" under such a market environment. CITIC Heavy is a unit of state conglomerate CITIC Group.
The trading of Luoyang, Henan Province-based heavy machinery maker is the second-largest on Chinese mainland this year after China Communications Construction Co's 5-billion-yuan IPO.
China Communications Construction, the country's largest builder of ports, roads and bridges, advanced 23.3 percent on its first day of trading in Shanghai in March.
CITIC Heavy rose as much as 4.7 percent before closing up 2.57 percent at 4.79 yuan on the Shanghai Stock Exchange. At one stage, the stock fell to 4.63 yuan, below its IPO price of 4.67 yuan.
The Shanghai Composite Index rose 1.01 percent today after slumping 0.7 percent. China announced an interest rate cut yesterday, raising concerns about the health of the economy.
Huatai Securities analyst Chen Huiqin said CITIC Heavy's first-day performance is "not bad" under such a market environment. CITIC Heavy is a unit of state conglomerate CITIC Group.
The trading of Luoyang, Henan Province-based heavy machinery maker is the second-largest on Chinese mainland this year after China Communications Construction Co's 5-billion-yuan IPO.
China Communications Construction, the country's largest builder of ports, roads and bridges, advanced 23.3 percent on its first day of trading in Shanghai in March.
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