China Everbright Securities staged a relatively subdued debut in Shanghai yesterday by comparison with the stellar gains of other recent initial public offerings as volatile market conditions hit investor sentiment.
But analysts said the stockbroker's performance – which came just a day after China's biggest equities sell-off in nine months – would not deter other new listings.
“Some recent Chinese IPOs have been valued on the high side, leaving more limited room for first-day gains,” said Jing Ulrich, managing director and chairman of China equities and commodities at JPMorgan. “Investor appetite for IPOs should remain intact when the market stabilises, as there is still abundant liquidity.”
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