China Merchants Securities on Tuesdeay notched up the worst first-day performance by any newly listed stock in Shanghai since a 10-month ban on initial public offerings was lifted in June.
The brokerage – which raised Rmb11.1bn in China’s third largest new mainland offering this year – ended its first day of trade up only 8 per cent at Rmb33.61 compared with an offer price of Rmb31.
