Everbright Securities rises 30% on opening day

Everbright Securities’ shares jumped by 30% on their first day of trading on the Shanghai Stock Exchange, the Wall Street Journal reported. The company’s shares closed at US$4.01 (RMB27.40) up from its debut price of US$3.08 (RMB21.08). Everbright had raised US$1.6 billion by selling 520 million A-shares earlier this month. Everbright’s debut, though lower than those of Sichuan Expressway and China State Construction Engineering Corp, which soared at least 90% on their first days of trading, was within market expectations given the current market slump, analysts said. The benchmark Shanghai Composite Index has lost about 18% of its value over the last two weeks on concerns of new share supply, corporate earnings and liquidity. The Index yesterday regained 1.4% to 2910.88.