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Sinotruk falls 8.4 percent in HK IPO debut

Tue Nov 27, 2007 8:55pm EST

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(For an expanded IPO diary, please click <HK/IPOMENU>)

HONG KONG, Nov 28 (Reuters) - Shares in Sinotruk (Hong Kong) Ltd (3808.HK), China's largest heavy truck maker, which raised US$1.2 billion in an initial public offering, fell 8.4 percent in their market debut on Wednesday, the latest newcomer to face a rough first day amid volatile markets.

Shares in the company were indicated at HK$11.80 each in pre-market trade.

Its IPO was priced at HK$12.88 per share, the top of an indicated range, giving it a market value of US$3.6 billion, after the retail portion of the offering was 311 times subscribed.

The company sold 702 million shares, or 32 percent of its enlarged share capital, in a deal sponsored by China International Capital Corp Ltd and JP Morgan (JPM.N).

(US$1=HK$7.8) (Reporting by Kennix Chim; editing by Anne Marie Roantree)



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