CSIC's quiet Shanghai stock debut

Shanghai: The northern Chinese shipbuilder China Shipbuilding Industry Co made a quiet launch on the Shanghai stock exchange yesterday, reflecting the depressed state of the newbuild market at the moment.  
CSIC's shares rose just 12% to close at RMB8.30, up from the morning launch price of RMB7.38. In total, CSIC raised RMB14.7bn ($2.1bn) from the IPO, valuing the company at about 42 times earnings.  [17/12/09]