Qunxing Paper's IPO in Hong Kong successful

摘要

At the beginning of October Shandong Qunxing Paper Industry Co.'s initial public offering took place at the Hong Kong Stock Exchange. Just one day after the Chinese group had placed 300m shares at the exchange - the retail tranche had been 900 times oversubscribed -, the price of the share surged as much as 90% to more than HK$10.rnQunxing Paper plans to use the IPO proceeds for expanding and modernising its production capacities. The decorative base paper producer currently operates six production lines offering a total capacity of 170,000 tpy. Qunxing Paper reported it planned to raise its capacities to 320,000 tpy by the year 2009.