New IPOs see prices spike up
By Wu Yiyao in Shanghai | China Daily | Updated: 2014-01-29 08:45
The share price of Shanghai-listed Shaanxi Coal Industry Co Ltd jumped some 14 percent on the stock's debut on Tuesday, the largest listing since China's relaunch of initial public offerings in December.
Another eight Shenzhen-listed stocks spiked 44 percent from their IPO prices on their first day of trade on Tuesday, the maximum allowed, so trading in them was suspended.
Shares of Shaanxi Coal sold at 5.76 yuan ($0.95) in early morning trading, up 44 percent from the IPO price of 4 yuan, the maximum allowed. The trading was then suspended until 2:55 pm, five minutes before the closing of the day's trading. The shares closed at 4.55 yuan, a 13.75 percent gain.
Photo
