In their Shanghai debut, A shares of Cosco Holdings rose more 83 percent over their offering price in Tuesday trading on the Shanghai stock market, following the state-owned companyâ€™s $1.98 billion Chinese IPO.
Shares of the Tianjin-based company which began the day at 8.48 yuan, closed at 16.38. The company sold 1.78 billion yuan-denominated shares, about 20 percent of the companyâ€™s 8.9 billion shares.
The company also listed 2.58 billion H-shares when it was initially listed in Hong Kongâ€™s Hang Seng index in 2005.
The company will use the funds raised to buy 51 percent of Cosco Logistics Co. and buy 12 new ships, according to the listing prospectus.