Shares of China Molybdenum Co (CMOC) rose as much as 65.88 per cent on their debut yesterday, as investors continued to chase new offerings amid ample market liquidity.
The stock opened at a high of HK$11.28, then slid back to close at HK$10.82 - 59.12 per cent higher than the initial offering price of HK$6.80.
About HK$7.44 billion worth of CMOC shares changed hands, 2.65 times more than the trading turnover of HSBC Holdings.
An investor who obtained one lot of 1,000 shares could make a profit of HK$4,020 at the closing price.
The strong demand for shares in CMOC, the country's largest producer of the steel-hardening metal, come less than a week after the 35.13 per cent first-day gain by Country Garden Holdings, a Guangdong property developer, and sets a tough target for China Citic Bank Corp on its debut today.
Citic Bank's US$5.4 billion simultaneous offerings in Hong Kong and Shanghai are expected to deliver a moderate return for investors.