Shares of 3 Chinese firms soar on debut, first listings in over 4 months
SHANGHAI, June 26
SHANGHAI, June 26 (Reuters) - Shares of three Chinese firms soared in their Shenzhen stock exchange debut on Thursday, the first mainland listings in over four months.
Wuxi Xuelang Environmental Technology Co Ltd shares opened at 17.68 yuan, up 20 percent from the IPO price of 14.73 yuan ($2.37).
Shandong Longda Meat Foodstuff Co Ltd opened at 11.75 yuan, up 20 percent from the IPO price of 9.79 yuan, while Feitian Technologies Co Ltd was at 39.76 yuan, up 20 percent from the IPO price of 33.13 yuan.
Shares are allowed to rise up to 20 percent from their IPO price at open.
The securities regulator resumed the IPO market earlier this year after halting listings for 14 months as it carried out reforms to curb speculation and improve the quality of firms planning to list.
But after a two month flurry of activity, no offerings were approved until early June, when seven firms got the go-ahead. ($1 = 6.2090 Chinese Yuan Renminbi) (Reporting by Shanghai Newsroom; Editing by Kazunori Takada)