SHANGHAI Dajiang (Group) yesterday closed its B share debut at 50 US cents, up 9.77 cents from its issue price of 40.23 cents. The poultry and chicken-feed producer is now 43.93 per cent owned by Chia Tai Shanghai Co, which is wholly owned by Hong Kong-listed Thai conglomerate CP Pokphand. The shares hit a high of 60 cents and a low of 45 cents during the day. A Hong Kong dealer said the first day performance of the stock was not bad, given the considerable paper gain. But he also said that, comparatively speaking, the stock had not been as attractive as some recent listings which had stellar performances on their debuts. He cited as examples Shanghai Yaohua Pilkington Glass and Shanghai Phoenix Bicycle. American buying of Shanghai Dajiang had been active, the dealer said. A total of 7.5 million Shanghai Dajiang shares changed hands, against a total B share volume of 22.6 million shares on the Shanghai exchange yesterday. Shanghai Dajiang, involved in its first agriculture-based issue, has forecast 1993 net profit of 129 million yuan (about HK$173 million at the official rate), against last year's 71.6 million yuan. The predicted weighted average earnings per share is 29 fen, while the fully diluted figure is 26 fen, both on 1993 earnings. Lead underwriter of the B share placing was Shanghai Shenyin Securities and the issue was co-ordinated internationally by NM Rothschild & Sons (Hong Kong) and Smith New Court Securities.