PING AN SHARES RISE ON DEBUT, FALL BACK SLIGHTLY BY CLOSE

Shanghai-listed ‘A’ shares in Chinese insurer Ping An rose 48% at opening today, trading at 50 yuan, only to fall back slightly to 46.79 yuan at the close. The closing price was at a 41% to the $HK35.45 close of its ‘H’ shares on the Hong Kong exchange. The boost did not help China Life, which followed the rest of the market down, falling by 5.21% to 34 yuan. However, China Life’s ‘H’ shares continue to command a higher premium that Ping An relative to its ‘A’ shares — 72 %. The Shanghai market once again showed extreme volatility; it followed Tuesday’s 8.8% fall and Wednesday’s 3.9% rebound with a fall of 3.2% in early trade today.