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Chinese contractor CMEC soars 13 pct in HK debut after $500 mln IPO
December 21, 2012 / 1:36 AM / 5 years ago

Chinese contractor CMEC soars 13 pct in HK debut after $500 mln IPO

HONG KONG, Dec 21 (Reuters) - China Machinery Engineering Corp (CMEC) jumped as much as 12.6 percent in its Hong Kong debut on Friday, after the Chinese state-owned contractor priced its $500 million initial public offering at the top of an indicative range.

Shares in the Beijing-based company rose to HK$6.08 in early trading, compared with a 0.4 percent decline in the benchmark Hang Seng index.

The company priced its IPO last week at HK$5.40, the top of a HK$4.10 to HK$5.40 per share indicative range.

ABC International, BOC International, CIMB Securities and ICBC International jointly managed the IPO.

Reporting by Elzio Barreto; Editing by Ryan Woo

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