Bank of China’s Offering Soars 15% in First Day – David Barboza

From the New York Times

Shares of the Bank of China soared 15 percent on Thursday in their first day of trading on the Hong Kong Stock Exchange.

It was the world’s biggest public share offering in six years. Not since AT&T Wireless went public in 2000 have investors paid so dearly for an initial public stock offering, raising $9.7 billion for one of China’s biggest state-owned banks. By contrast, Google, one of the hottest stock offerings in 2004, raised only about $1.7 billion.

The frenzy over the stock is just the latest sign of China’s rising economic fortunes, even as global stock markets have shown signs of weakening in recent weeks. [Full Text]

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