Standard Chartered up at End of 1st-day Trading in HK

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Last updated at: (Beijing Time) Friday, November 01, 2002

Standard Chartered up at End of 1st-day Trading in HK

Standard Chartered, which has been Hong Kong's note issuing bank since 1862, ended Thursday its debut trading at the Stock Exchange of Hong Kong 3.6 percent higher than its offer price.

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Standard Chartered up at End of 1st-day Trading in HK

Standard Chartered, which has been Hong Kong's note issuing bank since 1862, ended Thursday its debut trading at the Stock Exchange of Hong Kong 3.6 percent higher than its offer price.

It closed at 87.00 HK dollars (11.17 US dollars), compared to the Initial Public Offer price of 84.00.

The bank, which has its primary listing in London, offered 30.43 million shares or 2.7 percent of its total shares in its Hong Kong offering.

Standard Chartered plc Chairman Patrick Gillam described the listing as a major milestone in the company's history, saying "the commitment we are confirming to this market today demonstrates our confidence in Hong Kong's long-term success."

The bank opened its first branch in Hong Kong in 1859. Hong Kong accounted for around 33 percent of the group's total revenue in 2001.

Now all of the three note-issuing banks of Hong Kong, with the other two being HSBC Holdings plc and the Bank of China, are listed on the Hong Kong market.

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