China Everbright Securities surged as much as 48 per cent on its Shanghai debut on Tuesday in spite of the Chinese market's massive sell-off a day earlier, a sign that domestic investors continued to feel bullish about new listings.
Shares of China's 10th largest brokerage by market value traded at Rmb28.75 at 02:26 GMT, up 36.4 per cent from its initial public offering price of Rmb21.08. It had reached a high of Rmb31.10 in early trading. The Shanghai Composite Index, which plunged 5.8 per cent on Monday, was flat on Tuesday morning.
Everbright's robust performance came in spite of concerns over government efforts to rein in bank lending that has been supporting the country's stock and property markets.
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