Nanjing, Ningbo bank shares surge on debuts

Shares in both Nanjing City Commercial Bank and Ningbo City Commercial Bank surged as they made their debuts on the domestic stock market on Thursday, Reuters reported. In Shanghai, the Nanjing bank saw its A-shares open at RMB19.20 (US$2.54), up 75% on the initial public offering price of RMB11.00 (US$1.45). Shenzhen-listed Ningbo City Commercial Bank posted a 122% opening day rise as its shares soared from RMB9.20 (US$1.22) to RMB20.38 (US$2.69). The two banks raised a combined total of US$1.46 billion through their IPOs, buoyed by strong prospects for the domestic banking industry and China's strong economic growth.