China’s 3rd largest stock brokerage up 44% on Shanghai debut

Shares in Guotai Junan Securities, China’s third largest stock brokerage firm by assets, started trading on the Shanghai stock exchange on Friday, according to Xinhua.

At the opening, the stocks rose 44%, the maximum allowed on a new stock’s first trading day, to 28.38 yuan ($4.64).

The company’s shares opened for subscription last Thursday at a price of 19.71 yuan per share to raise more than 30 bln yuan, the largest domestic initial public offering in five years.

Guotai Junan was established in 1999 after the merger of former Guotai Securities and Junan Securities, which were both founded in 1992.