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|Industrial Bank shares open 55.19% higher
BEIJING, Feb. 5 (Xinhua) -- Shares in the Industrial
Bank, China's tenth largest commercial bank, opened at 24.8 yuan (3.10 U.S.
dollars) on their Monday debut on the Shanghai Stock Exchange.
The opening price was 55.19 percent higher than its
initial public offering (IPO) price of 15.98 yuan, but below market expectations
of 30 yuan.
The bank saw its share price drop to 23.25 yuan
within an hour after the opening, but then rebound slightly.
The weak performance of the Industrial Bank shares
follows last week's fall in value of more than seven percent on the Shanghai
The benchmark Shanghai Composite Index slumped more
than four percent to close at 2,673.21 points on Friday.
The Industrial Bank has reported a record 1.16
trillion yuan in registration capital, topping previous records set by China
Life and the Industrial and Commercial Bank of China.
The Industrial Bank has raised nearly 16 billion yuan
from the issue of 1.001 billion Renminbi-denominated A-shares on the Shanghai
The funds will be used to boost its capital adequacy
ratio, strengthen its risk prevention capability and profitability, said Gao
Jianping, the bank's chairman.