City banks soar on listing debut
BEIJING, July 20 -- The shares of the first two city banks to be listed, Bank of Nanjing and Bank of Ningbo, rose sharply from their IPO prices on their debut Sunday on the Shanghai and Shenzhen stock exchanges.
Bank of Nanjing, around 13 percent owned by BNP Paribas of France, soared 72.18 percent to close at 18.94 yuan from an initial public offering (IPO) price of 11 yuan on the Shanghai Stock Exchange.
Bank of Ningbo, partly owned by Singapore's Oversea-Chinese Banking Corp, surged 140.54 percent to close at 22.13 yuan from an IPO price of 9.2 yuan on the Shenzhen Stock Exchange.
"The performance of Bank of Ningbo is beyond our expectations. Bank of Nanjing's performance is relatively reasonable and within our expectations," said Wu Yonggang, analyst with Guotai Jun'an Securities.
"Compared with Bank of Nanjing, Bank of Ningbo has a smaller market capitalization and a more competitive profit-earning capability. Thus investors have higher expectations about the future profitability of Bank of Ningbo," said Wu.
As many as 197.36 million of Bank of Ningbo's shares changed hands yesterday to yield a total turnover of 4.12 billion yuan.
"Trading of the bank's shares will help establish a long-term capital supplementary mechanism and allow us to manage the bank at a higher level and make it more competitive," said Lu Huayu, chairman of Bank of Ningbo.
Francis Lun, general manager with Fulbright Securities, said he was "not surprised at all" at the bank's debut performance. "Local investors' enthusiasm toward new shares remains strong in the city and as the first city commercial bank of its kind to be listed in Shenzhen, many believe that buying into it will be very profitable."
Bank of Nanjing has set its sights on cross-regional expansion. "We plan to open one branch in Shanghai and another one in Wuxi this year," said Lin Fu, chairman of the bank at the IPO ceremony on the exchange floor yesterday.
Bank of Ningbo posted a net profit of 6.3 billion yuan in 2006, up 33.93 percent from the year before, while Bank of Nanjing's earnings rose 61.95 percent to 5.9 billion yuan in the same period.
(Source: China Daily)
猜你喜欢
-
- 08-12阮雾梨的小说人面桃花长相忆:阮雾梨闻砚辞全文在线阅读
- 08-12全文浏览没能成为你的月亮:结局+番外新书(陆予深乔青穗苏念宁)_没能成为你的月亮:结局+番外新书(陆予深乔青穗苏念宁)全文结局
- 08-12没能成为你的月亮:结局+番外新书全文阅读(陆予深乔青穗苏念宁)最新章节_没能成为你的月亮:结局+番外新书全文阅读
- 08-12完结人面桃花长相忆阮雾梨:全章节阅读
- 08-12人面桃花长相忆阮雾梨:全文阅读_人面桃花长相忆阮雾梨:全文免费阅读
- 08-12陆予深的小说没能成为你的月亮:高质量好文陆予深乔青穗苏念宁全文在线阅读
- 08-12没能成为你的月亮:高质量好文(陆予深乔青穗苏念宁)全文免费_(陆予深乔青穗苏念宁)没能成为你的月亮:高质量好文后续阅读(陆予深乔青穗苏念宁)
- 08-12人面桃花长相忆::全文小说阮雾梨闻砚辞小说在线阅读
- 08-12人面桃花长相忆::(阮雾梨闻砚辞)已完结,人面桃花长相忆::已完结
- 08-12人面桃花长相忆::(阮雾梨闻砚辞)全文免费_(阮雾梨闻砚辞)人面桃花长相忆::后续阅读(阮雾梨闻砚辞)