| Citic Bank shares jump nearly 60 percent in Shanghai debut |
SHANGHAI, Apr. 27 (AP) -- Shares in Citic Bank, China's seventh-largest lender, jumped 59 percent on Friday in their debut on the Shanghai Stock Exchange, living up to expectations in the record-breaking market.
China Citic Bank's yuan-denominated "A shares" opened at 9.21 yuan (US$1.19; €0.88) in Shanghai, up from their initial public offering price of 5.80 yuan (US$0.75; €0.55).
In Hong Kong, the bank's shares began trading at 7.08 Hong Kong dollars (US$0.91;€0.67), up from the IPO price there of HK$5.86 (US$0.79; €0.58).
"I'm satisfied with the A-share performance. It exceeds my expectations," the bank's president, Chen Xiaoxian, said in a press conference in Shanghai.
Citic Bank raised US$5.4 billion (€4 billion) in the dual listing, the region's biggest initial public offering so far this year. It was the second simultaneous share debut by a mainland bank in both Shanghai and Hong Kong after ICBC's record US$21.9 billion IPO last October.
A steady stream of IPOs by elite state-run companies and banks has coincided with a surge in demand from retail investors flooding into the mainland stock markets in Shanghai and Shenzhen as share prices continually breach record highs.
Lehman Brothers Holdings Inc., HSBC Holdings PLC, Citigroup Inc., CITIC Securities Co. and China International Capital Corp. were the bookrunners on China Citic Bank's IPO.
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