(Corrects share price high of the day in paragraph 3)
SHANGHAI Jan 28 Shares of Shaanxi Coal Industry
Co Ltd jumped 44 percent in their Shanghai debut on
Tuesday, the largest mainland China listing since the nation's
initial public offering market reopened late last month.
The spike for China's third biggest listed coal miner is in
line with the 27 other firms that have listed this month, with
many leaping 44 percent on their first day of trade, the maximum
In early morning trade, shares of Shaanxi Coal traded as
high as 5.76 yuan, up 44 percent from the IPO price of 4 yuan.
Trading will be suspended until 2:55 p.m. (0655 GMT) after
triggering a circuit breaker that allows shares to rise up or
down 44 percent from the IPO on the debut day.
Shaanxi Coal, a state-owned giant based in China's coal-rich
northern province of the same name, raised 4 billion yuan
($661.38 million) in its IPO, down about 60 percent from a
target set this month following increased oversight by the stock
The three other firms that have listed in Shanghai, China's
biggest exchange, have given up some of their gains. Neway Valve
Suzhou Co Ltd, the first company to list since
mainland bourses closed in 2012, is trading at roughly 21
percent above its IPO price since listing just under two weeks
Shaanxi Coal said proceeds from the IPO will be used to
boost its coal reserves, increase production and for the
construction of coal transport facilities. The firm will also
use the funds to replenish its working capital.
China Securities, CICC and BOC International were the
underwriters for the deal.
($1 = 6.0480 Chinese yuan)
(Reporting by Shanghai Newsroom; Editing by Kazunori Takada and