CNR, one of China's biggest initial public offerings of 2009, yesterday suffered the worst first-day performance by a newly listed company in Shanghai this year as investors showed signs of caution following a wave of new listings.
Shares of the company, one of China's top two trainmakers, closed 2.3 per cent higher at Rmb5.69, compared with their initial public offering price of Rmb5.56. CNR has raised $2.04bn in the mainland's fourth-largest share sale this year.
CNR's gain was muted by Chinese standards and followed sluggish starts for other new listings in the past two months. This reflects a more cautious approach by mainland investors following a glut of year-end IPOs and the high pricing of some recent offerings.
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