Wuxi Little Swan's B shares rose 10.4 per cent on their Shenzhen stock exchange debut yesterday.
Little Swan, which has 40 per cent of China's market for fully automatic washing machines, opened at $5.01 and rose to $5.50 in the morning before closing at $4.93 on turnover of $13.1 million.
Shenzhen's B Share Index rose 0.95 per cent with $59.14 million worth of shares changing hands.
An analyst with a European brokerage said: 'The stock is doing quite well. Overseas institutions and funds favour the stock and tend to hold it while retail investors have the bulk of the sell orders.' The analyst said Little Swan's listing was helped by recent market rallies in Shenzhen.
Shenzhen's B Share Index is up 49.14 per cent since the start of the year, in a spill-over from the roaring A share market, up a robust 133 per cent so far this year.
Little Swan, based in Wuxi, Jiangsu province, is selling 70 million B shares on a fully diluted 6.7 times this year's earnings, at $4.464 a share.
