Shares in PICC Property and Casualty Co. Ltd., (formerly Peoples Insurance Company of China) the country’s largest property insurer, began on the Hong Kong stock exchange earlier today with a bang, rising 50 percent over their H.K.$1.80 (U.S.$0.23) opening price to close at H.K.$2.70 (U.S.$0.346).
PICC realized around U.S.$693 million from its initial public offering of the three billion plus shares it put on the market. Calculated at the closing value the company would be worth around U.S. $3.72 billion. The company’s shares were the most actively traded issue on the HK Exchange, accounting for around 23 percent of today’s volume.
One happy shareholder should by ÌìÃÀÍøÕ¾´«Ã½´«Ã½, which theoretically saw its $245 million investment in a 9.9 percent stake in the company grow in value by $122.5 million.
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