Zijin Mining books a 96.21% surge on Shanghai debut
China’s top gold producer Zijin Mining Group Co saw its shares shoot up 96.21% on its trading debut in Shanghai on Friday.
Shares of the company opened 39.97% higher to start trading at RMB 9.98 and end the morning session 42.36% higher. After the break, the stock once soared more than 100% at a point in the afternoon session to as high as RMB 22.
The Shanghai Stock Exchange suspended the trading of the stock at 14:26 but soon resumed at 14:55, due to the stock’s abnormal upswing. Its shares plunged 36.73% after the suspension to finally end the day 96.21% higher to RMB 13.92, beating analysts’ estimate of RMB 10.00 on its first day of trading.
The company has raised RMB 10 billion by selling 1.4 billion shares at RMB 7.13 each, about 41 times its 2007 diluted earnings, according to sources.
Tags: Shanghai, Shanghai-Stock-Exchange