REFRIGERATOR producer Shanghai Shangling Electric Appliances failed to show a gain on its issue price of 75 US cents on its first day of trade in Shanghai.
The poor performance contrasted with earlier B-share debuts in Shanghai which saw prices shoot up by between 50 and 80 per cent from the issue price.
Brokers attributed the cool response to the change of sentiment in the market and the relatively high price-earnings multiple of the newcomer.
Yesterday, the Credit Lyonnais Shanghai B index shed 41.82 points, 4.42 per cent, to close at 905.21.
Since the start of the year, the index has lost about 17 per cent as foreign investors have taken profits and retreated.
Shangling sold 70 million B shares at a fully diluted prospective PE for 1993 of 12.7, which some brokers said was ''a bit expensive''.