H share Yanzhou Coal Mining yesterday saw the price of its A shares more than double to 7.69 yuan on its debut in Shanghai. The most actively traded stock on the A-share market by volume, the counter moved within a range of 7.65 and nine yuan, with 42.6 million shares changing hands. The shares were issued at 3.37 yuan, or a price-earnings multiple of 8.8 times and about 30 per cent higher than the issue price of its H shares that were listed on April 1. The issue was 360 times subscribed, with about 87 billion yuan chasing the shares. The company raised net proceeds of about 259.5 million yuan from the issue of 80 million A shares for buying a coal mine from its parent Yanzhou Mining (Group) Corp. Its H shares last closed at $1.48 on Tuesday, down from the issue price of $2.42. The company raised total net proceeds of about 2.35 billion yuan from dual listings in Hong Kong and the United States and from the A shares, which will be used to buy the coal mine, upgrade facilities and reduce debt.
