First IPO since listing freeze makes strong debut
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E-mail Xinhua, January 17, 2014
Neway Valve (Suzhou) Co. Ltd, a major industrial valve manufacturer in China, went on board today with a strong debut as investors cheered China's first initial public offering (IPO) after a year-long freeze.
Its stock on the Shanghai Stock Exchange opened around 20 percent higher over the offering price and continued to head upward by up to 31.99 percent, prompting regulators to temporarily halt trading according to new IPO rules that mandated a required price range.
The strong comeback came after China announced to resume IPO approval at the end of last year after it froze the process in 2012 amid fears that new shares would undermine confidence in the already dismal market, along with a new reform plan that changes the system from approval-based to registration-based.
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