Patrick Frater Asia Bureau ChiefShares of China’s Bona Film Group soared by 44% on Thursday, their first day of trading following an initial public offering on the Shenzhen stock market.The company had offered its shares for sale at RMB5.03 apiece.
They quickly climbed to RMB7.24, before hitting the market’s ceiling on daily price movements. At this price, the company is valued at RMB9.96 billion or $1.47 billion.
It raised $205 million from the sale of new shares in the IPO. The IPO move represents a return to public company status for a firm that has frequently been ahead of its time.
Bona was in the early wave of Chinese companies to list their share in the U.S. and achieved an IPO on the NASDAQ exchange in 2010, in the hope that U.S.
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