Bank of China has an impressive opening at Shanghai Stock Exchange

Bank of China has an impressive opening at Shanghai Stock Exchange

Bank of China is the country’s second-largest lender and they have just made an impressive debut in the stock markets. The stock price of the bank rose on their first day of trading in Shanghai as the stock was ordered about 33 times the size of the original IPO in the market.

The stock price touched 3.89 Yuan at 9:42 a.m. on the Shanghai Stock Exchange, which was around 26 percent higher than the offering price of 3.08 Yuan. The IPO had attracted $84.6 billion of bids from domestic investors for its 20 billion Yuan stock sale.

Bank of China also happens to be the biggest of the five companies to sell shares since the regulator lifted a ban on equity sales. Their entry into the stock market has helped remove the slump and the investors are looking positive again towards the market.

The bank was founded in 1912 by Sun Yat-sen, known as the father of modern China and held a monopoly on the nation’s foreign-exchange dealings and overseas banking from 1949 to 1994.