China Shipbuilding Industry saw its shares rise just 12% on their trading debut in Shanghai amid weakening demand for initial public offerings, the Financial Times reported. The company raised US$2.1 billion from the sale, with shares closing at RMB8.30 (US$1.21) from an IPO price of RMB 7.38 (US$1.08). Analysts said the large number of IPOs in recent weeks has dampened investor enthusiasm. China Merchants Securities and Metallurgical Corp of China were both met with lukewarm responses for their trading debuts. However, China Pacific Insurance said it was going ahead with plans to list in Hong Kong on December 23. The company expects to raise US$3.09 billion from the world’s seventh-largest IPO this year.