Two days after New China Life’s (NCL) horror debut on the Hong Kong exchange, the company has rebounded with a strong first day in Shanghai.
In stark contrast to Wednesday’s debut, NCL surged 14 per cent from its initial public offering to close at around 26.44 yuan (GBP2.68). It’s second day in Hong Kong was much better than the first as well, finishing 2.7 per cent up on HK$26.40 (GBP2.18).
The increases were helped along by the first day of gains in Singapore after three consecutive days of losses.
New China Life raised around GBP1.3 billion after listing on both the Honk Kong and Singapore stock exchanges last week.
