China Cinda shares surge ahead of Hong Kong debut

HONG KONG Wed Dec 11, 2013 4:14am EST

Related Topics

HONG KONG Dec 11 (Reuters) - Shares in China Cinda Asset Management Co Ltd jumped as much as 17.3 percent in gray market trading on Wednesday, as retail investors who missed getting shares in this year's biggest Asia Pacific IPO bought the stock on the eve of its Hong Kong listing.

China Cinda, the nation's biggest distressed debt manager, raised $2.5 billion in one of the hottest IPOs of the year.

The stock climbed as high as HK$4.20 (54 U.S. cents)compared with the IPO price of HK$3.58, according to PhillipMart, the pre-listing trading platform of Phillip Securities in Hong Kong.

At the Bright Smart Securities pre-IPO platform, China Cinda shares changed hands at HK$4.12 each and traded as high as HK$4.13.

Strong gray market gains usually point to higher opening prices when the stock officially starts trading on the Hong Kong stock exchange on Thursday. ($1 = 7.7535 Hong Kong dollars) (Reporting by Elzio Barreto and Denny Thomas; Editing by Miral Fahmy)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.