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Modest trading debut for CITIC Heavy
By Richard Fu |
July 7, 2012, Saturday
|
Print Edition
Print Edition
CITIC Heavy Industries Co, which raised 3.2 billion yuan (US$503 million) in a Shanghai IPO, made a modest trading debut yesterday as volatile stock markets and a 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. At one stage, the stock fell to 4.63 yuan, below the IPO price of 4.67 yuan.
The Shanghai Composite Index slumped by as much as 0.7 percent at one stage yesterday before rallying to close 1.01 percent higher, after the central bank announced interest rate cuts that raised concerns about the health of the economy.
CITIC Heavy was the first major offering since the securities regulator unveiled a series of new rules in May aimed at preventing high IPO price/earnings ratios and curbing speculative trading in new stocks.
Huatai Securities analyst Chen Huiqin said CITIC Heavy's first-day performance was "not bad" under such an environment.
Luoyang, Henan Province-based CITIC Heavy is a unit of the state's CITIC Group and its clients include mining giants such as Vale and BHP Billiton.
CITIC Heavy rose as much as 4.7 percent before closing up 2.57 percent at 4.79 yuan. At one stage, the stock fell to 4.63 yuan, below the IPO price of 4.67 yuan.
The Shanghai Composite Index slumped by as much as 0.7 percent at one stage yesterday before rallying to close 1.01 percent higher, after the central bank announced interest rate cuts that raised concerns about the health of the economy.
CITIC Heavy was the first major offering since the securities regulator unveiled a series of new rules in May aimed at preventing high IPO price/earnings ratios and curbing speculative trading in new stocks.
Huatai Securities analyst Chen Huiqin said CITIC Heavy's first-day performance was "not bad" under such an environment.
Luoyang, Henan Province-based CITIC Heavy is a unit of the state's CITIC Group and its clients include mining giants such as Vale and BHP Billiton.
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