Shares of New China Life Insurance (601336.SH, 1336.HKG) gained 14% on the first day of trading in Shanghai on Friday, following a disappointing launch in Hong Kong a day earlier, The Wall Street Journal reported. The stock closed at RMB26.44 (US$4.17), up from its initial public offering price of RMB23.25. New China Life’s Hong Kong shares were down 9.8% from the IPO price on the first day of trading, but recovered 2.7% on Friday. The Shanghai Composite Index was also up 2% to 2224.84 after six consecutive days of decline. “The stock may still have upside room in the longer term given its strong earnings growth momentum and expectations of a modest recovery in the stock market next year,” said GF Securities analyst Cao Hengqian. The dual IPO raised US$1.89 billion for the country’s fourth-largest insurer by premiums.