China Merchants Securities makes weak debut on bourses

SHANGHAI: China Merchants Securities, which raised 11.1 billion yuan from its initial public offering, rose 8.42 percent on its debut at the Shanghai stock exchange yesterday, making it the weakest opening in three years on the domestic bourse.

Shares of Merchants Securities, the eighth-largest domestic brokerage, opened at 35.01 yuan, up 12.9 percent from its IPO price of 31 yuan.

It reached the day's high of 35.7 yuan in early trading before closing at 33.61 yuan, chiefly due to worries over its high valuation which dampened the market's enthusiasm. The total turnover value was 5.93 billion yuan.