China Life had a turbulent debut on the Hong Kong stock exchange, trading near the bottom of its market price range and finishing 10 per cent below its initial public offering (IPO).
The stock opened yesterday at HK25.95 (GBP2.15), down 9 per cent from its IPO of HK28.5 (GBP2.36), and finished they day at HK25.65 (GBO2.13).
New China Life raised around GBP1.3 billion after listing on both the Honk Kong and Singapore stock exchanges last week. The insurer is set to debut in Singapore tomorrow and analysts are predicting a better performance than today.
The weak debut comes amid turmoil on the global stock markets, with traders anxious over the US economy and unconvinced by attempts to mitigate Europe’s sovereign debt crisis.
