IPO Door Re-Opens.docVIP

IPO Door Re-Opens 　　Chinese portfolio investors may never forget PetroChina Co. Ltd.’s initial public offerings （IPO）. On November 5， 2007， PetroChina was listed on the Shanghai Stock Exchange as the most profitable company in Asia. Its IPO price was 16.7 yuan （$2.71）， but shares opened at 48.6 yuan （$7.88） on the first day of trading. The resplendent financial figures attracted flocks of investors. But two days later， its stock price began its long downturn. The stock price fell below the offering price of 16.7 yuan a year later， and on June 27， its stock price only stood at 7.36 yuan （$1.2）.