China Titans Energy Technology Group Co., the electrical and power-grid equipment maker, rose as much as 47 percent after its shares started trading for the first time in Hong Kong.
The stock climbed as much as 55 Hong Kong cents and was trading at HK$1.56 at 2:51 p.m., a gain of 32 percent. The benchmark Hang Seng index rose 1.9 percent.
China Titans Energy, based in Guangdong province, raised HK$212.5 million ($27.3 million) in the share sale, according to a statement released by Hong Kong stock exchange yesterday. The price of the shares in the initial public offering was set at HK$1.18 each.
China, the world’s second-biggest oil user, is developing the digital smart grid system to reduce costs, conserve energy and increase reliability of electricity supplies. State Grid Corp. of China, the larger of the nation’s two grid operators, will spend 227.4 billion yuan ($33.3 billion) on its network this year, the company said Feb. 8.
China Titans posted net income of 54 million yuan ($7.9 million) last year, an increase of 39 percent on 2008.
--Editors: Ang Bee Lin, John Viljoen.