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Chinese regional banks soar on debut

By Jamil Anderlini in Beijing
Friday, July 20, 2007

Bank of Nanjing and Bank of Ningbo soared 72 per cent and 141 per cent, respectively, on their trading debuts on the Shanghai and Shenzhen stock exchanges yesterday, as investors grabbed their first opportunity to buy into China's smaller regional banks.

The first-day premiums were in line with other recent Chinese initial public offerings and are almost a tradition in the country's highly speculative and opaque capital markets.

¡°This is a very typical A-share phenomenon,¡± said Jerry Lou, equity strategist at Morgan Stanley in Hong Kong, referring to renminbi-denominated, domestically traded shares. ¡°Chinese investors like smaller stocks because they have more potential to go up quickly ¨C which shows you just how speculative the market is.¡±

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