Pacific Insurance A-shares fall below IPO price

Mainland-listed shares of China Pacific Insurance, the mainland’s third-largest insurer, slipped to RMB27.60 (US$4.16) in mid-morning trading Wednesday, the first time a leading mainland stock has fallen below its initial public offering price since May 2006, Reuters reported. Pacific Insurance shares jumped 61% on its debut in December last year to a high of RMB51.97 (US$7.39), but has since steadily declined, hobbled by the weakening market. The firm announced earlier this month that it would delay its Hong Kong listing until market conditions improved. The benchmark Shanghai Composite Index has fallen 30% so far this year, and the Shanghai and Shenzhen stock exchanges have not seen a new IPO since March 5.