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Nanhua Futures says Shanghai IPO oversubscribed

The online tranche of Nanhua Futures Co. Ltd.'s IPO on the Shanghai Stock Exchange was oversubscribed 5,669.24 times, according to an Aug. 22 company statement.

The company set the price for its IPO at 4.84 Chinese yuan per share, representing gross proceeds of about 338.8 million Chinese yuan. Proceeds will be used to replenish capital, the company said in the prospectus.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.