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CSCL's A share gains over 60% on Shanghai debut

CSCL's A share gains over 60% on Shanghai debut

Shanghai: China Shipping Container Lines Co. Ltd opened more than 60% higher on its first trading day on the Shanghai Stock Exchange yesterday. The A shares of the carrier surged to RMB 10.62 at the opening, up 60.42% over its IPO price of RMB 6.62 and maintained the good performance in the morning session. It closed at RMB 10.77, up 62%. According to earlier report, CSCL planed to issue no more than 352 million RMB-dominant shares to fund the purchase of 16 large container vessels, the acquisition of assets, the supplement of floating capital as well as to pay back the loans to the commercial banks.
However, the company's shares on the Hong Kong Stock Exchange dropped 10.76% to HK$5.72, after Cheung Kong  and Hutchison Whampoa Property  cut their holdings in the company. Sources revealed that the two Hong Kong-based developers have gained HK$3.79 billion from the share sale. [13/12/07]

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