The first group of initial public offerings in mainland China since September launched in Shenzhen on Friday, the South China Morning Post reported. Guilin Sanjin Pharmaceutical jumped 82% from its opening price of RMB19.79 (US$2.90) to RMB36.01 (US$5.27), while Zhejiang Wanma Cable shot up 125% from RMB11.52 (US$1.69) to RMB25.93 (US$3.79). Overall, the Shenzhen A-Share Index fell 0.5% to 1,095.906 points. Analysts had expected prices would range between RMB17-32 (US$2.49-US$4.68) for Guilin Sanjin, and between RMB8-18 (US$1.17-2.63) for Zhejiang Wanma. Even though the exchange had announced that it would limit share price fluctuations of small and medium-sized companies on their first day of trading, the new listings still drew speculative trades.
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