CHINA Pacific Insurance (Group) Co Ltd shares jumped 70 percent when it started its first day of trading in Shanghai this morning.
China Pacific surged to 51 yuan (US$6.96) when it started trading at 9:30am from its Shanghai initial public offering price of 30 yuan. The company issued one billion A shares on the Shanghai Stock Exchange, making it the third insurer listed on the Chinese mainland after its larger rivals China Life and Ping An Insurance.
The A shares accounts for 12.99 percent of China Pacific's expanded share capital and the money raised through the domestic listing will be used to replenish capital to help expand business, its prospectus said.