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China's Steel Giant Baogang Listed in Shanghai
Baoshan Iron and Steel Co., Ltd., the largest iron and steel conglomerate in China known as Baogang, went public Tuesday, December 12, on the Shanghai Stock Exchange.
The opening price of its share was 4.96 yuan and the closing price 6.09 yuan.
Xie Qihua, chairwoman of the board of directors at Baogang, said that Baogang aims to become "the most competitive steel giant in the world."
Total issuance was 1.25 billion shares in the initial public offering, making Baogang the largest company currently listed in China's securities market.
Baogang plans to get listed in Hong Kong and the United States "at an appropriate time", company sources said.
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