Bank of China helped elevate the Shanghai composite index to a 26-month high as shares rose 23% on their trading debut Wednesday. The bank is the first major company to list in Shanghai since the government lifted a year-long ban on new IPOs in May. The Shanghai listing follows a record-setting Hong Kong IPO that became the fourth largest in the world. BOC A-shares opened at US$0.49 (RMB3.99) up from the US$0.38 (RMB3.08) offer price, the South China Morning Post reported. Shares surged to US$0.50 (RMB4.05) before slipping back down to the closing price of US$0.47 (RMB3.79).
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