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Sunday, March 22, 2015

Citi-linked China broker surges 44 percent in Shanghai debut after $1.6 billion IPO, (NYQ: C)

Chinese brokerage Orient Securities Co's shares rocketed 44 percent in their Shanghai debut on Monday, the most allowed in one day, after it raised 10 billion yuan ($1.61 billion) in the mainland's biggest listing since 2011. The surge came after the broker's initial public offering (IPO) was 90 times oversubscribed in a $150 billion investor rush last week.Shares of Orient Securities opened at 12.04 yuan, 20 percent above their IPO price of 10.03 yuan per share triggering a temporary halt. Once trading resumed they shot up and by 0130 GMT were trading at 14.4 yuan per share, up 44 percent, the biggest change allowed in a day's trading under Shanghai bourse rules.The listing by Orient, a joint venture partner of a unit of Citigroup Inc, was the largest since Power Construction Corp of China Ltd raised $2.1 billion in 2011.Everbright Securities sponsored the IPO, the funds of which Orient will use to bolster working capital and expand business. ($1 = 6.2037 Chinese yuan renminbi)

Citigroup Inc., is a financial services holding company. Shares of C traded higher by 1.15% or $0.6/share to $52.98. In the past year, the shares have traded as low as $45.18 and as high as $56.95. On average, 20663300 shares of C exchange hands on a given day and today's volume is recorded at 22466236.