Metallurgical shares rise 35%

Shares in the Metallurgical Corporation of China rose by 35% after launching its first initial public offering in Shanghai last week, Bloomberg reported. Metallurgical’s shares were selling at RMB7.33 (US$1.07) on Sunday, up from RMB5.42 (US$0.79) at the opening of its IPO, which was the second-largest IPO in Shanghai this year. This compares with an average first-day advance of 68% for 22 other companies that have debuted in China this year. Since June, Chinese companies have raised RMB96.1 billion (US$14 billion) in renminbi-denominated IPOs.