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China Hotel Chain Soars in Debut

Shares of Home Inns & Hotels Management are up more than 60% from the IPO price.
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American Depositary Shares (ADS) of China-based

Home Inns & Hotels Management

(HMIN)

soared Thursday in their first day of trading.

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Late Wednesday, underwriters priced 7.9 million ADSs of China's leading economy hotel chain at $13.80 per share. In recent trading, the shares were up $9.09, or 66%, at $22.89.

The underwriting syndicate for the offering includes Credit Suisse, Merrill Lynch, Pierce, Fenner & Smith and Deutsche Bank.