SOUTH China Brokerage made its debut on the market yesterday with an 11.2 per cent leap on the issue price of $2 and - relinquishing Thursday's beer mugs - glasses of the more traditional Champagne. The share price closed at $2.225, after touching an intra-day high of $2.35 during the morning. South China Brokerage's on-off $220 million flotation was originally scheduled for last December, but that timetable for listing clashed with the Hang Seng Index's plunge due to gloom inspired by the Sino-British row about democracy in Hongkong. Following this, South China decided to reduce the amount to be floated to the public to 25 per cent from 35 per cent, and the amount to be raised was cut to $220 million from $300 million. Yesterday South China Brokerage was the seventh most active stock traded in terms of volume, coming behind mainland takeover targets such as Paragon Holdings as well as Dynamic Holdings, Magnificent Estates and Tsingtao Brewery, on a volume of 25.03 million shares. The share offer was 10.83 times oversubscribed. Director Howard Gorges said the company had tried to maintain a low profile because it wanted to avoid over-exciting the markets and forcing the placement to be heavily oversubscribed. But the brokerage has been less modest about other issues in recent weeks, publishing bullish reports predicting a rise to 11,000 in the Hang Seng Index by the middle of next year. South China's activities include stockbroking, margin financing and broking services in relation to Hang Seng Index futures. bullion, commodities, foreign exchange, corporate finance advisory and custody and nominees services. In the prospectus the directors said they attributed the group's strength to its reputation in the financial industry, expertise in securities and corporate finance, competent management and a diversified local client base.