Home China Headline Ping An shares end 38% up on 1st trading day

Ping An shares end 38% up on 1st trading day

Shares of Ping An Insurance (Group) Co ended 38 percent above their initial public offering price on their first day of trading, going against the decline in the local stock market. The Shenzhen-based insurer's yuan-denominated shares ended yesterday at 46.79 yuan (US$6.04) after climbing to an intraday high of 50.97 yuan. The shares opened at 50 yuan, 48 percent higher than its IPO price of 33.8 yuan. Ping An launched its US$5-billion IPO on February 9. "We are satisfied with the share performance on their debut," said Ma Mingzhe, chairman of Ping An. "The A-share listing marks a key moment for Ping An." The second biggest insurer in China raised 38.87 billion yuan as the second mainland-listed insurer after China Life Insurance by selling 1.15 billion yuan-denominated shares. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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