CHINA Coal Energy Co rose less than expected on its Shanghai trading debut amid a generally weak market to become the worst first-day performer on mainland exchanges since the beginning of last year.

The nation's second-largest coal producer, already listed in Hong Kong, gained 31.91 percent to close at 22.2 yuan (US$3.1), from the initial public offering price of 16.83 yuan. It opened at 24 yuan.

However, Chairman Jing Tianliang said that against the backdrop of the bad weather in China and the US subprime crisis which was affecting the market, he was pleased with the opening price.

Analysts had expected China Coal could reach at least 25 yuan on its debut with some forecasting as high as 35 yuan.

"The price is a bit lower than the 25 yuan we had forecast," said Shi Yu, analyst at China Merchants Securities (HK). "But it was still in a reasonable range as the market is weaker now than in past weeks."

The benchmark Shanghai Composite Index lost 1.43 percent yesterday, closing the week down 9.26 percent, the most in more than a decade. It had tumbled 8.1 percent the previous week.

Larger rival China Shenhua Energy Co surged nearly 90 percent on its October Shanghai debut and the strong momentum continued in the following four sessions, but it has since dropped back.

Analysts say the coal sector has growth potential.