Air China stocks debut in HK, London

Shares in Air China debuted on the Hong Kong and London stock exchanges Wednesday. The shares ended the day in Hong Kong up 8.2% on their initial offer price, against a rise of 1.25% for other H-shares. The rise was seen by analysts as a hopeful sign for a rebound of investor confidence in the wake of China Aviation Oil scandal in Singapore. Air China raised US$1.1bn from its dual listing in Hong Kong and London after selling 2.8bn shares, or 31% of its enlarged share capital. It says it plans to use the money to pay off debts and expand its fleet to cope with soaring passenger demand in China. The company is the first Chinese stock to list on the London Stock Exchange in more than four years.