Deals
Neway Advances in Shanghai as IPO Freeze Ends Amid Crackdown
This article is for subscribers only.
Neway Valve (Suzhou) Co., China’s first initial public offering in more than 15 months, surged as much as 44 percent in its Shanghai debut after a regulatory freeze aimed at curbing overvalued share sales.
The maker of industrial valves was suspended within the first 10 seconds of trading after reaching price limits that triggered a 30-minute halt. The shares closed at 25.34 yuan, up 43 percent from the IPO price, and had the highest turnover among companies on the Shanghai Stock Exchange. The Shanghai Composite Index fell 0.9 percent amid concern that IPOs will divert funds from existing shares.