Stocks News
- Ping An makes strong Shanghai debut
Date: 2-Mar-2007 Sources: (Shenzhen Daily)
SHARES in Ping An Insurance (Group), the mainland's second-biggest life insurer, jumped as much as 51 percent as they listed in Shanghai on Thursday after a US$5 billion initial public offering (IPO).
The A shares opened 48 percent higher at 50 yuan (US$6.43) compared with their initial public offering price of 33.80 yuan. The shares quickly rose to 50.97 yuan.
After 10 minutes of heavy trade, the shares had pulled back slightly to stand 45 percent higher at 48.91 yuan and they finished the day 38.43 percent higher at 46.79 yuan.
The opening price gave Ping An's A shares a premium of 41 percent to the HK$35.45 last close of the Shenzhen-based insurer's Hong Kong-listed H shares.
Ping An, about 17 percent owned by HSBC, raised 38.9 billion yuan in the mainland's second-biggest domestic IPO in February, selling 1.15 billion new A shares or 15.66 percent of its expanded share capital.
The offer drew a massive 1.09 trillion yuan in subscriptions from institutional and retail investors, the second-largest amount for a mainland listing.
Industrial Bank attracted a record 1.16 trillion yuan during its Shanghai IPO in January.
Sponsor Results:
