Shanghai Jinqiao up 19pc on first day

SHANGHAI Jinqiao Export Processing Zone Development closed up 19.12 per cent yesterday, its first day on the Shanghai stock exchange.

Shanghai's first B-share listing this year was heavily traded, with a turnover of US$4.9 million, accounting for 83.9 per cent of Shanghai's total B-share turnover.

The company, which has A shares listed in Shanghai, saw its B shares close yesterday up 6.58 US cents or 19.12 per cent at 41 cents against an issue price of 34.42 cents.

It fared better than the over-all Credit Lyonnais Shanghai B-share index, which dropped 2.21 per cent.

A total of 9.13 million Shanghai Jinqiao shares changed hands.

Hongkong brokers said the debut was satisfactory, with orders for both buying and selling.