Chalco sees thin rise in dull debut
Aluminium Corp of China (Chalco), the world's third-largest alumina refiner, saw a dull debut in Hong Kong yesterday, with its shares edging up just 2 HK cents from its issue price.
The counter was priced at HK$1.37 a share before brokerage fees, while the initial public offering price was HK$1.38 including brokerage fees.
Brokers said Chalco's debut was expected to be unexciting because investors were concerned about the outlook of the price of alumina, which was close to a record low.
Chalco's shares opened at HK$1.38 for its debut in Hong Kong.
Chalco's American depository shares finished at US$18.27 in New York on Tuesday, up 3.2 per cent from the issue price of US$17.70.
Each American depository share represents 100 Hong Kong H shares.
The counter traded in a narrow range yesterday. After opening at HK$1.38, its intra-day low, Chalco shares hit a high of HK$1.43 before settling at HK$1.39.