Poly Culture Group's shares jumped 23% on their first two days of trading as local retail investors rushed to buy a piece of China's largest art auction house.
China's answer to Sotheby's and Christie's listed on March 6, the first mainland auctioneer to list, and raised $331 million on February 28 ahead of the IPO, with shares priced at HK$33 a share, the top end of the range.
There were roughly 77.8 million shares on offer, representing 33% of the enlarged capital. Shares were initially offered at HK$28.20 and HK$33, with the final pricing putting the company's valuation at 17 times its...
¬ Haymarket Media Limited. All rights reserved.
