shanghai stocks

The Chinese publisher raised the equivalent of $705 million at the high end of its indicated price range, showing that investors in China still have a good appetite for new stocks.

The company values its shares at a big premium to the market, but still attracts enough institutional demand to cover the books 12 times.

The deal could be the sixth-biggest IPO in Shanghai, where turbulent equity markets have not dampened supply.

Market watchers believe Shanghai stocks will remain volatile in the coming months, discouraging IPOs and other capital-raisings in the mainland's largest market.