SHANGHAI: Shares in Guangshen Railway Co surged as much as 81% in their Shanghai debut yesterday to levels that analysts said were unsustainable and showed investors were getting carried away by the market's bull run.
Guangshen, the largest railway operator in southern China, saw its A-shares climb as high as 6.80 yuan from a domestic initial public offering price of 3.76 yuan. The stock then trimmed its gains only moderately to close at 6.17 yuan, still up 64% on the IPO price.
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