Stocks News
- Weichai shares soar in Shenzhen debut
Date: 8-May-2007 Sources: (Shenzhen Daily)
SHARES in diesel engine maker Weichai Power Co. soared more than threefold as they listed on the Shenzhen Stock Exchange on April 30.
The A shares of Weichai, which competes with companies including Cummins Inc. to supply engines to the world's second-largest auto market, opened at 70 yuan (US$9.07) against their offer price of 20.47 yuan. The shares ended the day up 217.2 percent at 64.93 yuan. Weichai listed in Shenzhen by offering 191 million A shares, or 36.62 percent of its expanded share capital, to buy out its listed unit Torch Automobile Group in a deal worth 3.9 billion yuan
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