Shares of Pangda Automobile Trade Co sank more than 23 percent on the first trading day in Shanghai, making the biggest Chinese car dealer the worst debutante ever on the mainland's A-share market.
Pangda shares traded at 36 yuan (US$5.53) at the opening in Shanghai, compared to an initial public offering price of 45 yuan a share. The stock tumbled 23.2 percent to close at 34.58 yuan yesterday.
Pangda's plunge broke a previous record of a 9.59 percent fall by Sinovel Wind Co on its trading debut on January 13. The Hebei-based company, the first publicly traded car dealer in China, floated the nation's second-biggest IPO so far this year after the wind turbine maker Sinovel Wind's US$1.4 billion IPO. Pangda raised nearly US$1 billion in the offering.
