renhe-above-ground-on-debut-amid-thin-trading

Renhe above ground on debut amid thin trading

Hong Kong's first new listing in two months gains 4.4% after late buying by a couple of Chinese institutions.

Anette Jönsson

October 23, 2008

Renhe Commercial Holdings gained 4.4% on its first day of trading yesterday to HK$1.18 after buying by a couple of Chinese institutions resulted in a mini-rally in the last 45 minutes of trading. As projected, trading activity was very thin, however, with only 195 million shares changing hands, representing 6.5% of the shares sold through the HK$3.39 billion $435 million initial public offering.

All eyes were on the debut since the underground mall operator was the first company to list in Hong Kong in two months and the fact that the price held up would have come as a relief to most observers û especially since the Hang Seng Index fell 5.2% to...

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