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China Stocks

China Citic Bank Debuts

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Like Baidu, if you look at 601998 (its ticker symbol) at Sina Finance. For english readers, read Bloomberg news here. BTW, 1998 is a good number in Chinese. Citic Bank (中信银行) IPO was priced at 5.80 Yuan, and people expected it to open between 7 and 8, based on PE and PB (price book) ratio of other Chinese banks. But it went up as high as 12 this morning (Apr 27 Shanghai). This is much higher than the H share traded in HK (0998). Based on 2006 earning of 0.12 Yuan, the PE is about 100.