Power equipment maker Shanghai Electric ended its Hong Kong debut only HK$0.01 up on its IPO price of HK$1.70, Reuters reported. Indications were the market was turned off both by an overreaching share valuation and suspicions that the equipment market had already peaked. Raising US$647m, it was Hong Kong's biggest IPO of the year, but investors were already focused on the upcoming US$3.5bn flotation of state coal mining company China Shenhua Energy, analysts said.
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