China First Heavy Industries breaks IPO price
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China First Heavy Industries (CFHI), a leading heavy industry manufacturer, opened at 5.48 yuan (0.8 U.S. dollar) per share for its debut at the Shanghai Stock Exchange, breaking its initial public offering (IPO) price.
The northeastern Heilongjiang-based firm set its IPO price at 5.7 yuan per share. It issued 2 billion A-shares and intended to raise about 11.4 billion yuan with the offering.
The fate of the CFHI underscored that IPOs in China might no longer be seen as an easy way to make hefty quick money, as several new shares have fallen below their IPO prices with the benchmark Shanghai Composite Index losing its psychologically-important 3,000 point on Jan. 27.
Chinese shares opened lower on Tuesday with the benchmark Shanghai Composite Index down 0.11 percent to 2,932.09 points.
