China Traders Are Paying Double for PICC Shares After IPO Surge
- Insurer is one of China’s biggest listings this year
- Price premium stands out among dual-listed financial stocks
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People’s Insurance Company (Group) of China Ltd. has rallied so much since its debut in Shanghai last week that its stock costs more than twice as much as it does in Hong Kong.
China’s largest property insurer has surged by the daily limit every day since its initial public offering to trade at 7.04 yuan per share on the mainland on Thursday afternoon. In Hong Kong, PICC Group shares cost the equivalent of 3.02 yuan.