Deals
For China’s Hottest Stocks, a 77% Gain in Four Days Is Bad News
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In most stock markets, a 77 percent return in four days would leave investors feeling ecstatic.
In China, it’s just the opposite -- at least when it comes to initial public offerings. That four-day advance in Guotai Junan Securities Co., which completed China’s biggest IPO in five years last month, is the worst start among 190 initial share sales on mainland bourses this year. Every other one recorded a gain at or near the 92 percent maximum allowed, according to data compiled by Bloomberg.