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China's Nanjing, Ningbo banks surge on debut
2007-07-18
SHANGHAI - Shares in Bank of Nanjing and Bank of Ningbo, the first two city banks to go public in China, surged on their debut on Thursday, buoyed by strong prospects for the domestic banking industry amid the country's robust economic growth. Nanjing Bank , partly owned by top French lender BNP Paribas , saw its A shares listed on the Shanghai Stock Exchange open 75 percent higher at 19.20 yuan from an initial public offer price of 11.00 yuan. Shenzhen-listed A shares in Ningbo Bank, the smaller of the two and partly owned by Singapore's Oversea-Chinese Banking Corp. , soared 122 percent to 20.38 yuan from a 9.2 yuan IPO price. Ningbo Bank also became the first major company listed on the Shenzhen Stock Exchange since early 2000s. The two banks raised a combined 11.07 billion yuan ($1.46 billion) through domestic IPOs, with proceeds being used to boost their capital base. ($1=7.56 Yuan)
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