Hong Kong: Shares in China Rongsheng Heavy Industries Group closed down on their offer price on their first day of trading on the Hong Kong Stock Exchange.
The Chinese shipbuilder's shares closed at HK$7.96 per share compared to an offer price of HK$8.
The company raised HK$14bn ($1.8bn) from the offering. "We arere confident about growth in the shipping industry," Chen Qiang, Rongsheng ceo, told reporters. He also said he expects "bigger growth" in the company's offshore engineering business. [19/11/10]
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