China Trade Information

Despite the recent market volatility, China Coal Energy Co, the second largest coal manufacturer in China, floated its shares on Shanghai Stock Exchange today.

Its shares open at RMB 24 this morning, and dived more than 30% to RMB 22.64 within the first hour of trading. It then fluctuated between the price range of RMB 21.35 and RMB 24.89.

The company has already attracted RMB 3.12 trillion of subscription for its Shanghai IPO, which is not much smaller than the recorded RMB 3.38 drawn by China Railway Group in its Shanghai IPO last November. This is the third largest amount recorded for a domestic Chinese offer.

The Shanghai IPO price was set at the top end of the price range, RMB 16.83 per share. Of all the shares issued, 1.525 billion A shares were sold to the retail investors and institutions, accounting for 11.5% of its expanded share capital. Proceeds raised from the IPO will be used to develop two coal plants in northern China.

Tags: coal

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