Arab Today, arab today china nuclear power giant surges on stock debut
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

China nuclear power giant surges on stock debut

Arab Today, arab today

Arab Today, arab today China nuclear power giant surges on stock debut

Shanghai Stock Exchange
Shanghai - AFP

A Chinese nuclear power giant surged 44 percent on its first day of trading Wednesday after launching the country's biggest domestic stock offer in four years, as investors bet on Beijing's renewed push for nuclear energy.

Beijing-headquartered China National Nuclear Power Co. (CNNP) raised 13.19 billion yuan ($2.16 billion) last week, according to a statement to the Shanghai Stock Exchange, in what state media said was the biggest initial public offering (IPO) since 2011.

Its stock price jumped the maximum allowed for new listings, 44 percent, to close at 4.88 yuan in Shanghai on Wednesday.

"The company’s IPO was hot because investors are confident of its future returns as China is now backing the development of nuclear power," Chen Xingyu, a Shanghai-based analyst with Phillip Securities Group, told AFP.

The company said in its prospectus that its net profit edged down 0.17 percent year-on-year to 2.47 billion yuan in 2014.

CNNP will use the funds raised to build 10 nuclear power units and supplement its capital, according to its prospectus.

Investors seeking to buy into the IPO offered a whopping 1.68 trillion yuan in subscription funds, the company said.

Under China's IPO system, the securities watchdog approves the number of shares to be issued and their price, meaning offers are typically underpriced and in short supply.

But one analyst warned of the risk from surging prices of new shares.

"The pursuit of new shares has entered an irrational phase," Yingda Securities analyst Li Daxiao told AFP.

"If it surges too much at the beginning, it may not be able to last long," he said.

The Shanghai market was the world's second-best performer last year, surging 52.87 percent in 2014 and has grown nearly 58 percent so far this year.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china nuclear power giant surges on stock debut Arab Today, arab today china nuclear power giant surges on stock debut

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china nuclear power giant surges on stock debut Arab Today, arab today china nuclear power giant surges on stock debut

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday