The H share settles back at 28.19 per cent above its issue price as the Hang Seng Index retreats in afternoon trade Chinese carmaker Great Wall Automobile Holding, Hong Kong's most popular initial public offering since 2000, saw its shares gain 28.19 per cent yesterday on its main-board debut. The H share finished trading at $17.05 against a sale price of $13.30. It hit a peak of $22 and traded as low as $17. With 79.12 million H shares worth $1.46 billion changing hands, the mainland car play was one of the most heavily traded stocks yesterday. Brokers said the stock saw heavy selling pressure, despite the fact that Great Wall's IPO was 682 times subscribed. 'The debut had a disappointing ending partly because of the Hang Seng Index's retreat in the afternoon,' Shenyin Wanguo Securities sales director Steve Cheng Ka-wah said. 'I expected Great Wall would have finished the day at about $19. Still, all investors who bought the shares at the IPO are winners.' Great Wall chairman Wei Jianjun said the IPO's reception had exceeded his expectations and he was satisfied with the stock's trading debut. Great Wall, China's No1 manufacturer of pick-ups and sports utility vehicles, has helped fuel investor fervour for recent IPOs. Cement maker Chia Hsin Great China Cement Holding Corp saw its IPO 365 times covered and its shares jumped 50 per cent above the sale price on their trading debut. China Life Insurance's IPO has reportedly been more than 160 times subscribed. Gold miner Fujian Zijin Mining Industry is due to close its IPO today. Meanwhile, red chip Tianjin Development Holdings revealed financial information about a proposed main-board spin-off of its toll-road portfolio for $229 million to $310 million in net proceeds. Despite regulatory hiccups in its listing application two months ago, the red chip is seeking independent shareholders' approval on the proposed spin-off of Coastal Rapid. The proposal, which involves selling new shares through a private placing to institutional investors and through an IPO to Tianjin Development shareholders, aims to raise fresh funds for developing, operating and acquiring toll roads in Tianjin and other parts of China. The number of shares, sale price and timetable of the planned share offering remain elusive, but the company said its stake in Coastal Rapid would shrink to 56.92 per cent after the spin-off from 78 per cent. Coastal Rapid, which owns toll roads in Tianjin, reported net profit growth of 48.15 per cent to 78.58 million yuan last year. Its net profit stood at 57.15 million yuan and net asset value was 1.07 billion yuan in the first six months of this year. Tianjin Development's other interests include gas supplier Wah Sang Gas Holdings, container handling, escalator service provision and wine making.