40pc premium in insurer's A shares to H shares shows mainland's lack of integration with global markets
Ping An Insurance, the mainland's second-largest insurer, shrugged off a market slump and rose 38.43 per cent on its Shanghai trading debut yesterday to close at 46.79 yuan.
The gain resulted in an almost 40 per cent premium of its A shares to its Hong Kong closing price of HK$34.30.
The firm raised 38.87 billion yuan in the world's largest initial public offering by an insurer.
Despite the sharp rise, Ping An's debut was short of the 106 per cent surge in the January debut of its larger rival, China Life Insurance, partly due to market volatility.
The Shanghai Composite Index dropped 2.9 per cent to 2,797.19 points yesterday.
Ping An's Hong Kong-listed H shares fell 3.24 per cent yesterday to close only slightly higher than its A-share IPO price of 33.80 yuan in a timely reminder of the mainland's lack of integration with global markets.
