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Sinotruck starts trading in Hong Kong stock market
Shanghai, November 28, (Gasgoo.com)-China's largest heavy truck maker-Sinotruk (Hong Kong) started trading in Hong Kong stock market today, raising US$1.2 billion in an initial public offering. Sinotruk shares closed at HK$10.86 per share, 15.7 percent below their IPO price of HK$12.88 per share on the first trading day.
The IPO price, at the top of its indicated range, valued the company at 27 times the 2007 earnings forecast of its underwriters.
Sinotruk also faces pressure from its biggest competitor--Weichai Power, the second largest truck manufacturer in China, which was listed in Hong Kong in 2004.
Sinotruck, the Shandong-based heavey truck maker holds 20.8 percent of China's heavy truck market in the first nine months of 2007.
By the end of October, Sinotruck has achieved this year‘s sale target of 80,000 units; in the first nine months, the company has achieved this year’s export target of 10,000 units, a company official said.
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