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Shares of China Cosco Holdings, Asia's largest container line, as much as doubled on their Shanghai trading debut after the company's 15.1 billion yuan ($2.58 billion) stock sale attracted record demand.
The shares rose as high as 17.15 yuan, a premium of about 63 per cent to the Hong Kong-listed stock. The Tianjin-based company sold 1.78 billion A shares, or a 20 per cent stake, at 8.48 yuan each to buy new ships and a stake in a logistics company.
The sale drew subscriptions for more than 100 times the stock on offer, as investors ignored concerns about a bubble triggered by an 85 per cent surge in the benchmark CSI 300 Index this year.
