HONG KONG – Shares in Chinese auction house and multiplex owner Poly Culture got off to a blistering start in initial trading Thursday on the Hong Kong Stock Exchange.
The issuers set the price at HK$33, at the higher end of the indicated range, but the shared still leaped by 29%.
With some 64 million units traded, the stock hit a high of HK$44.6 and closed at HK$42.4 apiece.
Spun off many years ago from the People’s Liberation Army-backed China Poly conglomerate, Poly Culture is China’s leading domestic auction house, is a major movie theater manager and film investor.
“The company is expanding its theater and performance business, as urbanization drives demand for entertainment in the country’s second-tier and third-tier cities,” CEO Jiang Yingchun said today in Hong Kong. Poly Culture currently operates 31 multiplex theaters in Mainland China.