IPO Up 74% on First Day


Chinese government news portal People's Daily Online ( yesterday opened trading on the Shanghai Stock Exchange at RMB 31.01 per share and closed at RMB 34.72. The stock closed 73.6% higher than its issue price of RMB 20.00, and trading velocity reached 86.01%. Trading was suspended twice within one hour due to the stock price rising 10% above its opening price and its trading velocity surpassing 80%.

People's Daily Online issued a total of 276.42 mln shares, and closed on April 27 at RMB 34.72, giving the company a capitalization of roughly RMB 9.6 bln.


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