China Unicom, China's second biggest telecommunications company, rose 9% in debut trading on Hong Kong's stock exchange, after rising 12% on the first day of trading yesterday on the New York Stock Exchange, in China's biggest ever initial public offering.
In Hong Kong, Unicom's shares rose HK$1.38 to HK$16.80 $2.15 from the price offered to retail investors. Institutional investors were offered the shares at HK$15.58. Yesterday its American depositary shares ADS rose to $22.37 from the offer price of $19.99. Each ADS represents 10 Hong Kong shares. The company raised $4.9 billion from its IPO, making it the biggest ever by a Chinese company.
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