China Unicom shares rise 9% on Hong Kong debut

Shares in China''s second biggest telecommunications company rose comfortably on their first day''s trading in Hong Kong following similar gains in New York.

China Unicom, China's second biggest telecommunications company, rose 9% in debut trading on Hong Kong's stock exchange, after rising 12% on the first day of trading yesterday on the New York Stock Exchange, in China's biggest ever initial public offering.

In Hong Kong, Unicom's shares rose HK$1.38 to HK$16.80 $2.15 from the price offered to retail investors. Institutional investors were offered the shares at HK$15.58. Yesterday its American depositary shares ADS rose to $22.37 from the offer price of $19.99. Each ADS represents 10 Hong Kong shares. The company raised $4.9 billion from its IPO, making it the biggest ever by a Chinese company.

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