BaWang shampoo rises 27pct in Hong Kong IPO
Herbal shampoo maker BaWang jumped by more than a third in its IPO today, selling 700 million shares at a price 18 times its estimated earnings for 2009. The performance is being taken as a good sign for both consumer products in China and IPOs this summer in Hong Kong.
Shares in the company rose as high as HK$3.20 after opening at HK$2.95, despite its IPO price at HK$2.38. The company hired movie star Jackie Chan and pop singer Faye Wong to promote its products (pictured).
