Qilu rises slightly on debut
Qilu Petrochemical A shares finished slightly higher compared to the initial public offering price amid heavy profit-taking in morning debut trading, dealers said. At 10.39am, Qilu A shares were up 26 fen at 5.26 yuan from a high of 5.48 yuan, on volume of 74.05 million shares. The company offered 315 million A shares for public subscription at five yuan a share. 'This new stock performed far below average due to the bleak prospects of the petrochemical industry,' a dealer with Shanghai Finance Securities said. Another local dealer said: 'Investors are not interested in large-cap stocks, which are considered difficult to push up.'