China Molybdenum nearly triples in strong Shanghai debut

SHANGHAI, Oct 9 (Reuters) - China Molybdenum Co Ltd

nearly tripled from its initial public offering price on the Shanghai Stock Exchange on Tuesday, marking a strong debut after it raised much less-than-expected in proceeds due to weak market conditions.

China Molybdenum, a major Chinese producer of tungsten and molybdenum also listed in Hong Kong , opened at 8.70 yuan compared with its IPO price of 3.00 yuan.

The company raised only 600 million yuan ($95 million) through its share offering in Shanghai, reflecting slack demand for resource-related firms amid a slowing economy.

(Reporting by Lu Jianxin and Kazunori Takada; Editing by Jacqueline Wong)

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