Langold Real Estate shares up 72.03% in Shenzhen debut

Published: 06 Nov 2009 01:17:38 PST

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Nov. 6, 2009 (China Knowledge) - Mainland property developer Wuhan Langold Real Estate Co Ltd<002305> debuted on the GEM board on the Shenzhen Stock Exchange today and saw its shares rise 72.03% on its first day of trading.

Shares of the company started trading at RMB 25, a price much higher than the IPO price of RMB 12.3. They surged 80.49% after the opening and climbed to RMB 22.2 in the morning session. After fluctuating between RMB 25 and RMB 21.11, the shares closed at RMB 21.16, with 28.9 million shares having changed hands.

The company raised around RMB 380 million by issuing 48 million shares, or 10% of its enlarged capital late last month.

Langold has land reserves totaling more than 800,000 square meters in potential floor area. It reaped RMB 160.95 million in 2008. In the first half of this year, its net profit was RMB 71.87 million.