靚妹 2008-5-21 06:15 PM
Cement maker stock leaps 39pc in post-quake debut
[b]Cement maker stock leaps 39pc in post-quake debut
[/b]StephanieTong
[i]Wednesday, May 21, 2008[/i]
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[/td][/tr][/table][/td][/tr][/table]Shares of Asia Cement (China) Holdings (0743) rose 39 percent to close at HK$6.89 on its trading debut yesterday. "The good performance of Asia Cement is due to the rising demand for cement after the recent Sichuan earthquake," said CASH Financial Services Group (0510) director Horace Kwan Pak-leung. The cement maker opened at a high of HK$8, up 62 percent from its IPO price of HK$4.95. During the day, the shares managed to trade above the offering price, fluctuating between HK$8 and HK$6.55. About 190 million shares changed hands, translating into a turnover of HK$1.34 billion. Asia Cement is the ninth mainboard listing in Hong Kong this year, excluding companies switching to the mainboard from the second-board Growth Enterprise Market. Among these nine, the shares of five companies plunged on trading debut to close below their offering prices. "Upcoming initial public offerings are unlikely to show a similar performance to Asia Cement. This is only an individual case. In fact, the response for Asia Cement was not that encouraging before the earthquake," said Kwan. Meanwhile, Shandong Chenming Paper Holdings, which is already listed on the stock exchanges of Shenzhen and Shanghai, will list in Hong Kong on June 18. "Chenming Paper is likely to have its roadshow from May 26 to June 10. The retail book may begin on June 3 or 4," said a source. Chenming Paper and A8 Digital Music will both conduct their investor luncheons in Hong Kong next Tuesday. Chenming Paper is seeking to raise about HK$4 billion by selling 409 million shares, including a greenshoe option. A8 is pitching for a maximum of HK$220 million by selling 91 million shares at between HK$1.66 and HK$2.38. The retail book of A8 will be open from June 2 to 5, while its trading debut is set for June 12.
