Shampoo maker BaWang jumps 24 in HK debut, Qinfa up

Published: 02 Jul 2009 17:58:52 PST

HONG KONG, July 3 - Chinese herbal shampoo maker BaWang International (Group) Holding Ltd soared 23.9 percent from its initial public offering price on its trading debut on the Hong Kong stock exchange on Friday.

The stock was set to open at HK$2.95 per share, compared with an initial public offering price of HK$2.38.

BaWang International, the most popular IPO in the territory so far this year, priced its HK$1.67 billion ($213.6 million) IPO at the top end of the indicative range, selling 700 million shares at an issue price 18 times estimated earnings for 2009.

Another new listing, China Qinfa Group <0866.HK> rose 5.2 percent on trading debut with shares set to open at HK$2.65 per share, compared with the IPO price of HK$2.52.

Chinese coal trader China Qinfa Group priced its HK$630 million ($81 million) Hong Kong IPO at top end of range, raising capital for investment in new production facilities. (US$1=HK$7.75)