Ping An debut fails to stop further market decline

Shares in Ping An Insurance rose 38% as the company made its domestic debut Thursday, defying a 2.9% decline in the market as a whole, the Financial Times reported. Opening at the initial public offering price of RMB33.80, Ping An shares reached as high as RMB50.97 – a 51% gain – before slipping back to RMB46.79 at close. The insurance giant is one of a number of Chinese listed in Hong Kong that are looking to sell shares in their domestic market as well. Ping An, in which HSBC has a 16.7% stake, raised US$5 billion in its IPO, the second-largest amount ever. But the start of trading was not enough to further revive a market that rebounded 3.9% Wednesday following the record 8.8% fall on Tuesday.