CRC Shares Debut in Hong Kong

From Reuters via Financial Times :

Shares in China Railway Construction, which built the world’s highest railroad, rose 14 per cent in their Hong Kong debut on Thursday, in line with muted expectations, after the company raised a combined $5.4bn in a Hong Kong and Shanghai initial public offering.

The IPO is the world’s largest this year and the most popular ever among Hong Kong retail investors, overcoming a shaky market that has seen more than $23bn in global IPO plans postponed or withdrawn, according to Thomson Financial.

The uninspiring debut amid a broader market that was down more than 2 per cent was expected to curb enthusiasm for other upcoming issues, with one broker saying it would have to close up about 20 per cent to reassure investors.


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