SHANGHAI Petrochemical Company was 1.77 times subscribed after a nail-biting 10-day subscription period in which the $2.9 billion issue came under a barrage of criticism. In a statement issued last night, company chairman Wang Jiming said the issue's global co-ordinator, Merrill Lynch, along with Peregrine Capital, a sponsor and lead manager, had each taken up 222.8 million shares. The two merchant banks had taken up a total of 445.6 million shares, representing an aggregate 0.53 times the Hongkong offering. The Hongkong offering is equivalent to 840 million H shares in an offer of 1.68 billion, the remainder of which formed a separate global issue to international investors. ''The Hongkong offering would have been subscribed by 1.24 times without the applications from Merrill Lynch and Peregrine Capital,'' Mr Wang said. The H shares are expected to be listed on the Hongkong Stock Exchange while the remainder, in American depositary receipts, will be listed on the New York Stock Exchange and quoted on SEAQ International. Mr Wang said a comprehensive announcement giving final details of the Hongkong offer would be made on July 24. Last night's figures are subject to verification and clearance of remittances. Peregrine Investment chairman Philip Tose said: ''It was a successful issue. We should be happy. I think Hongkong should be happy and I am very pleased.'' Shanghai Petrochemical was the second mainland enterprise offer to be launched. The first, Tsingtao Brewery, was subscribed 110.5 times and rose 28 per cent ahead of its offer price on its first day of trading on Thursday. Shanghai Petrochemical, China's largest petrochemical enterprise, is the ninth-largest industrial group, according to sales figures for 1992. Located outside of Shanghai, the company is an integrated petrochemical complex processing crude oil into a broad range of synthetic fibres, resins and plastics. The issue was criticised in Hongkong because of the level of influence government authorities had on the management of the company. There was apparent uncertainty linked to the long-term costs of crude oil and the price at which it could sell its processed products. At the listing ceremony for Tsingtao Brewery, Liu Hongru, head of China's Securities Regulatory Commission, admitted that the Shanghai Petrochemical issue had not been promoted sufficiently. ''I think there is not enough understanding of the potential for development of a big enterprise like Shanghai Petrochemical,'' he said. The petrochemical company is expected to begin trading on July 26. The opening of the subscription period for Guanghzou Shipyard is expected to start next week. It becomes the third mainland enterprise to begin the final listing process.