Shares of a Chinese renewable energy group nearly tripled on their first day of trading in Asia’s largest initial public offering so far this year.
China Resources New Energy, one of the country’s biggest renewable energy providers, raised Rmb24.5bn ($3.6bn) in a listing in Shenzhen on Thursday. Shares rose as much as 198 per cent, triggering a brief trading halt, before settling up about 150 per cent.
In China, shares of companies cannot rise more than 10 per cent in a day except during the first five trading days after a listing.
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