China's Pangda shares plunge 20 pct after Shanghai IPO

Newswire

SHANGHAI, April 28 (Reuters) - Shares of Pangda Automobile Trade Co Ltd dropped 20 percent in their trading debut in Shanghai on Thursday after the Chinese car dealer raised close to $1 billion in the country's second-biggest IPO so far this year. Pangda shares were traded at 36.00 yuan a share at the open, compared with its IPO price of 45 yuan a share. The benchmark Shanghai Composite Index was up 0.4 percent. Based in the northern Chinese province of Hebei, Pangda's IPO was the second ...

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