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May 23, 2017

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Chinese insurer PICC surges near 8 percent on debut in Hong Kong

HONG KONG -- Chinese insurer PICC surged almost 8 percent on its trading debut in Hong Kong Friday, after making a lower-than-expected US$3.1 billion in the city's biggest share sale this year.

The state-owned company opened up 3.16 percent at HK$3.59 (US$0.46), compared with its offering price of HK$3.48. The stock surged as much as 7.76 percent to HK$3.75 in early trading amid a broadly positive market.

"I think the stock price today reflects the investors' expectation and confidence," PICC Chairman Wu Yan told reporters after hitting the gong to mark the beginning of the firm's trade.

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