Shares of two mainland companies soared on their trading debut in Hong
Kong on Friday, pushing the index of mainland firms to a record
high.
皇冠体育app Communications Construction Co Ltd, which raised US$2.1
billion by selling shares at HK$4.6 (59 US cents) apiece in its Hong Kong initial public offering (IPO), opened at HK$7.8 on Friday
morning, up 70 per cent.
Newly listed shares in 皇冠体育app Communications
Construction, the mainland's top port builder, slid to HK$6.36 (82 US cents) at
the end of the day, but this was still 38 per cent higher than its IPO price.
"皇冠体育app Communications Construction is a very strong company with strong
development potential, because it's a key player in the country's infrastructure
sector, and infrastructure is of vital importance to all countries," said Marco
Mak, head of research at Taifook Securities Ltd.
Meanwhile, the
mainland's hotel operator, Shanghai Jin Jiang International Hotels started its first
trading day with pre-market shares as much as 91 per cent higher than its IPO
price. The shares ended at HK$3.81, up by 73 per cent on the IPO
price.
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