Shares of China Metallurgical Corp, one of the country's biggest engineering groups, rose as much as 38 per cent on its first day of trading in Shanghai in spite of a sell-off in the broader market.
Although the rise fell short of the spectacular gains made by previous initial public offerings in China this year, analysts said it was within expectations and showed investors were continuing to buy into new listings.
“I wouldn't say it was disappointing because when you have a large listing like this, a 20-30 per cent rise is what you should expect,” said an analyst in Beijing who declined to be named.
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