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IPO bonanza for Chinese nuclear power firm

Xinhua, June 10, 2015 Adjust font size:

Shares of China National Nuclear Power Co. Ltd (CNNP), a subsidiary of one of the country's two state-owned nuclear reactor builders, jumped by the 44-percent first-day limit as they debuted on the Shanghai stock market on Wednesday.

CNNP closed at 4.88 yuan (0.8 U.S. dollars) per share, up 44 percent from its IPO price of 3.39 yuan. Its total market value stood at 76 billion yuan.

The company raised 13.19 billion yuan in its IPO, the biggest in China's A-share market in four years.

CNNP is a subsidiary of the China National Nuclear Corporation (CNNC), which invests in, builds and operates nuclear power plants across China. Historically, CNNC successfully developed an atomic bomb, hydrogen bomb and nuclear submarines and built the first nuclear plant in the Chinese mainland.

Chinese share closed mixed on Wednesday, with the benchmark Shanghai Composite Index down 0.15 percent to 5,106.04 points. Endi