SHANGHAI Jan 17 Shares of Neway Valve (Suzhou)
Co Ltd, a major valve maker, jumped 20 percent in
its Shanghai debut on Friday, the first mainland China listing
after a year-long moratorium.
The strong investor appetite bodes well for the 50 or so
firms that have received approval to list on the Shanghai and
Shenzhen stock exchanges and comes as the securities regulator
steps up its oversight of IPOs.
In early morning trade, shares of Neway Valve traded at
21.19 yuan, up from its IPO price of 17.66 yuan. Under the new
listing rules, shares are allowed to rise or fall up to 20
percent at the open from the IPO price.
The company raised 1.46 billion yuan ($240 million) in its
China Securities is the lead underwriter of the deal.
($1 = 6.0557 Chinese yuan)
(Reporting by Shanghai Newsroom; Editing by Kazunori Takada and