Chinalco shares down 6.3% on HK debut

Shares in metals manufacturer Chinalco Mining Corp International (3668.HKG) fell 6.3% under the initial public offering price on the first day of trading in Hong Kong on Thursday, South China Morning Post reported. The company is the overseas unit of state-owned Aluminium Corp of China (Chalco; 2600.HKG, 601600.SH) that mines metals, excluding aluminium and ferrous ones. At their lowest, its shares traded at 11.4% below the offered price of HK$1.75 before settling at HK$1.64. The disappointing share debut may have been due to retail investors’ unfamiliarity with the firm’s potentially profitable copper mining plans in Peru and their short-term approach to investments, analysts said.