Bank of China Shares Jump in Public Debut
From the Associated Press
Bank of China’s shares made a strong debut Wednesday in Shanghai, surging 23% in the mainland’s biggest initial public offering.
The bank’s IPO, which raised nearly 20 billion yuan, or $2.5 billion, is expected to help revive China’s stock markets after years of sluggish trading, and its strong start suggests investors are hungry for new shares, analysts said. The bank, China’s second-largest lender, raised $11.2 billion in an IPO in Hong Kong in May that was the world’s fourth-largest.
In Shanghai, the bank’s shares began trading at 3.99 yuan, or 49 U.S. cents, up 29% from its IPO price of 3.08 yuan, or 38 cents. They closed at 3.79 yuan, or 47 cents.
