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China's first two IPOs in 10 months double on debut

(Agencies)
Updated: 2009-07-10 11:53

Related readings:  Investors flock to buy Guilin Sanjin shares  Guilin Sanjin sets the China IPO ball rolling  Zhejiang Wanma to start road show, 2nd IPO this year  IPO lure draws elusive investors back to bourses

Shares in China's Guilin Sanjin Pharmaceutical and Zhejiang Wanma Cable almost doubled in their debut on the Shenzhen Stock Exchange on Friday, buoyed by strong investor interest in the country's first initial public offerings (IPOs) in 10 months.

Local-currency A shares in Guilin Sanjin, a traditional Chinese medicine maker, kicked off trading at 32.50 yuan ($4.76), compared with their IPO price of 19.80 yuan.

And shares for industrial cable maker Zhejiang Wanma jumped to 22.50 yuan from an IPO price of 11.50 yuan.

A Reuters survey of six analysts and fund managers on Thursday predicted the firms' shares would rise as much as 100 percent from their IPO prices on their first day of trading.