China Molybdenum, the leading molybdenum producer in Chinese mainland, Thursday made a beautiful debut with closing price reaching 10.84 HK dollars, over 4 HK dollars, or 66 percent higher than the initial public offerings ( IPO) price at 6.8 HK dollars.

The stock reached its opening peak at 11.28 HK dollars but soon headed down under the selling pressure and moved between the daily high of 11.28 HK dollars and daily low of 10.60 HK dollars during the trading with a turnover of 7.9 billion HK dollars.

Traders said China Molybdenum, the most welcomed IPO this year so far, is very unique since there is no other molybdenum miner or producer listing in Hong Kong. The stocks has been 398 times oversubscribed in retail portion and over 200 times in institutional tranche.

However, market analysts warned investors not to chase since some of the newly listed stocks now have been overvalued and their prices went down after reaching the opening high.

Source: Xinhua