Business News
China Pacific enjoys a spectacular Shanghai stock market debut
Dec 26, 2007, 14:37 GMT
Beijing - China Pacific, China's third-biggest insurance concern, had a spectacular Shanghai stock market share launch Wednesday, with its 30 yuan shares ending the day 61 per cent up at 48.17 yuan.
The concern had put a billion A-shares up for sale on the Chinese mainland, taking in 4.1 billion US dollars - the sixth-biggest share launch in mainland Chinese history.
State media said the concern now planned as soon as possible to go ahead with a second listing in Hong Kong, where it would issue 900 million shares valued at not under the Shanghai launch price.
China Pacific is only the third insurance concern to be listed on the Shanghai exchange after the two biggest concerns, China Life and Ping An Insurance.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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