CHINESE investors, enamoured with new shares, gave Luoyang Glass Works a dazzling welcome to the Shanghai stock exchange yesterday. The share closed at 15.02 yuan (about HK$13.70) - almost three times its issue price of 5.03 yuan - after opening with a bang at 16.78 yuan and hitting an intra-day high of 16.88 yuan. Analysts said the rise was in line with expectations and reflected investors' and speculators' love affair with new shares. Without exception, all A shares which made their debut this year saw prices rise. The sharpest increase was in Dongfang Electrical Machinery, which closed at more than four times its issue price of 4.10 yuan on October 10. China Jialing Industry and Dalian Beida Auto Workshop rose sharply on debut on October 13. Earlier, Yizheng Chemical Fibre and Tianjin Bohai Chemical had similar sterling performances. Luoyang Glass sold 40 million shares, 7.14 per cent of its enlarged capital, to the public. Yesterday, 63.4 per cent of the shares changed hands at more than 15 yuan. 'Well, you can see that nothing can stop anyone from making a beeline for new shares. They continue to be alluring to speculators and investors alike,' said one analyst. The stock would encounter some profit-taking today, analysts said. 'Although opening strongly on their debut, they [new stocks] tend to fall the next day,' said Zheng Weigang, manager of the research department at Shanghai Finance Securities. Still, they expected Luoyang Glass to trade well above 10 yuan because of its strong fundamentals. Dongfang Electrical trading at about 14 yuan, lower than its first-day close of 16.91 yuan. Industry sources said the China Securities Regulatory Commission (CSRC) was concerned about the dramatic rise of the shares on the first day of trading. 'But it looks like there is little the CSRC can do to stop 'stir-frying' [speculation] ,' said the analyst. Luoyang Glass, which is also listed in Hong Kong, was the first company to receive approval to issue A shares under this year's share quota of 5.5 billion shares set by the CSRC. More companies, especially those which issued shares several years ago without proper authorisation, will come to market in the next few months.