COSCO Holdings's stock price nearly doubled today on the Shanghai stock market during its first day of trading.
The company's shares "soared 83 percent over their initial public offering price of 8.48 yuan ($1.11), when they debuted on the Shanghai stock market on Tuesday, opening at 15.52 yuan ($2.04)," the state-owned People's Daily newspaper said. Reports said the stock later hit a high of 17.15 yuan ($2.25) before closing at 16.38 yuan ($2.15).
The newspaper quoted securities brokers who called the listing in Shanghai "a rare example of a Chinese company returning to the mainland market."