China Pacific Shares Rise 1.1% on Trading Debut

Shares of China Pacific Insurance (Group) rose as much as 1.1% on their trading debut on December 23, making the stock the best first-day performer among the three biggest initial public offerings in Hong Kong this year, says the South China Morning Post.

 

Olive Xia, an analyst at Core Pacific-Yamaichi, tells the Post that the mainland's third-largest life insurer might have a competitive edge when the government further opened up the pension market.

 

According to the Post, China Pacific's stock had traded as much as 1.8% below its offer price of HK$28 in the morning of December 23, but it erased the losses to close at HK$28.30, up 1.1%.
 

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