China’s Biggest Stock Listing in Years Barely Gains on Debut
This article is for subscribers only.
China’s largest stock debut in years did next to nothing, following signs of weakening sentiment in the world’s second largest equity market.
State-owned lender Postal Savings Bank of China Co. rose only as much as 2.7% Tuesday on its first day in Shanghai. The bank sold its shares at 5.5 yuan apiece, allowing it to raise as much as 32.7 billion yuan ($4.6 billion) if it fully exercises a greenshoe option. That would make it the largest onshore listing since Agricultural Bank of China Ltd. in 2010. The stock closed 2% higher at 5.61 yuan.