Shares in Ningbo Port (601018.SH) fell below their IPO price on their Shanghai trading debut on Tuesday, the Wall Street Journal reported. Ningbo shares opened at RMB3.72 (US$0.55), but closed down 3.5% at RMB3.57. The company sold 2 billion A-shares in its IPO – fewer than originally planned – at the top of an indicative range of RMB3.18-3.70, a price-earnings ratio more than 20 times last year’s earnings. Tangshan Port (601000.SH), the last port operator to list in Shanghai, also fell on its trading debut. More recently, while Agricultural Bank of China (601288.SH) rose immediately following its IPO, a weak market has also seen the bank’s shares fall below their IPO price. Ningbo Port has said it intends to pursue a separate listing in Hong Kong.
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