Record interest: on the Shanghai bourse
PetroChina set for record debut
PetroChina’s initial public offering on the Shanghai Stock Exchange has attracted a record 3.3 trillion yuan ($440.7 billion) in subscription funds, local media reported today.
The figure dwarfs that of China Shenhua Energy - China's largest coal producer - which received a subscription of 2.67 trillion yuan in September, the Beijing News reported.
PetroChina is expected to raise as much as 66.8 billion yaun in its domestic share offering, which could be the largest IPO on the Chinese bourses to date.
The oil giant has set the price range at 15 yuan to 16.7 yuan per share, which is still cheaper than its current Hong Kong share price of HK$19.20 (US$2.47).
The fairly cheap price has created enthusiasm among investors who have sold off other stocks for the subscription.
Chinese shares slumped nearly 5% on Thursday, the same day as subscriptions began.