China Molybdenum nearly triples in strong Shanghai debut
SHANGHAI Oct 9 (Reuters) - China Molybdenum Co Ltd nearly tripled from its initial public offering price on the Shanghai Stock Exchange on Tuesday, marking a strong debut after it raised much less-than-expected in proceeds due to weak market conditions.
China Molybdenum, a major Chinese producer of tungsten and molybdenum also listed in Hong Kong, opened at 8.70 yuan compared with its IPO price of 3.00 yuan.
The company raised only 600 million yuan ($95 million) through its share offering in Shanghai, reflecting slack demand for resource-related firms amid a slowing economy. (Reporting by Lu Jianxin and Kazunori Takada; Editing by Jacqueline Wong)
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