CCB debut falls shy of estimates

SHANGHAI: China Construction Bank (CCB), China's second-largest bank by total assets, saw its share price climb 32.25 percent in its debut on the Shanghai Stock Exchange yesterday, far below analysts' earlier expectations.

CCB's shares closed at 8.53 yuan, up 2.08 yuan from the issue price of 6.45 yuan, while the benchmark Shanghai Composite Index dropped 1.08 percent to 5425.88.

The bank raised a total of 58 billion yuan in its initial public offering last week. The share offer attracted a record 2.26 trillion yuan subscription.