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FT: Bank of Communications IPO debuts strongly

The Financial Times: Bank of Communications IPO debuts strongly

Exceprt: Bank of Communications, whose US$1.9bn overseas listing is the first by a mainland Chinese lender, has debuted strongly in Hong Kong on Thursday morning, rising 15 per cent and defying the recent gloom over Chinese privatisations.

The Shanghai-based bank, China’s fifth biggest lender in which HSBC owns 19.9 per cent, priced 5.86bn shares, or about 13 per cent of its enlarged share capital, at HK$2.50 each, near the top of its HK$1.95-HK$2.55 price range.

BoCom shares which opened at HK$2.80 and were trading was at HK$2.875 by midday on the Hong Kong stock exchange, were the heaviest traded so far with 1.36bn shares changing hands.

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