SouthGobi plunges on HK debut as IPO market stays cool

31 Jan 2010

SouthGobi Energy Resources, the Mongolian coal miner, slumped by 11% on its first day of trading in Hong Kong on Friday, continuing a run of disappointing new listings in the Asian markets.

SouthGobi, which priced its Hong Kong offering at HK$126.04 or C$17, to give investors a small discount to its existing Toronto-listed stock, slumped by as much as 16% on its debut before closing at HK$113.

Its performance mirrored a disappointing first day for aluminium group UC Rusal, which ...

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