China Resources New Energy Soars 137% in Shenzhen Trading Debut
China Resources New Energy (SHE:001248) shares soared 137% to close at $23.95 on its first trading day on the Shenzhen Stock Exchange Thursday. The power company raised 24.5 billion yuan from the IPO, in what the Financial Times described as the biggest in Asia this year. At open, the stock jumped 114% from its IPO price of 10.11 yuan. Earlier during the IPO, the China Resources Power Holdings (HKG:0836) unit reallocated part of the publicly offered shares after the clawback mechanism was activated due to online subscriptions exceeding the threshold of 100 times.
China Resources New Energy (SHE:001248) shares soared 137% to close at $23.95 on its first trading day on the Shenzhen Stock Exchange Thursday.
The power company raised 24.5 billion yuan from the IPO, in what the Financial Times described as the biggest in Asia this year.
At open, the stock jumped 114% from its IPO price of 10.11 yuan.
Earlier during the IPO, the China Resources Power Holdings (HKG:0836) unit reallocated part of the publicly offered shares after the clawback mechanism was activated due to online subscriptions exceeding the threshold of 100 times.