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China's stock market sees another bank listing Wednesday. China Everbright Bank has finally made its debut on the A-share market. The IPO is the second largest this year, just behind the recent listing of Agricultural Bank of China.
China Everbright opened at 3.37 yuan per share, up 8.7 percent from its IPO price of 3.1 yuan. And it's expected to rise between 5 to 15 percent in its debut. Analysts say it's unlikely for the stock to drop below its IPO price, because the offering was priced competitively and some state-backed institutions could step in to prevent a fall.
It only took the nation's 11th largest lender less than a month to get listed, setting a record for an A-share listing. It's also adopted over-allotment options. If exercised, the bank could raise as much as 21.7 billion yuan.