XD Electric debut dreams hit as shares fall

Weak sentiment, high offer price compounds firm's woes

SHANGHAI: China XD Electric Co, the nation's biggest maker of electricity transmission and distribution equipment, fell in its first day of trading in Shanghai, the first mainland company to drop below its offer price since 2006.

China XD Electric shares fell 1.4 percent to 7.79 yuan in Shanghai yesterday from the IPO price of 7.90 yuan. The benchmark Shanghai Composite Index rose 0.25 percent.