China's second-largest telecommunications company on Wednesday raised $4.92 billion in an initial public offering of stock that was reasonably well-received by U.S. investors.
China Unicom (ticker symbol: CHU) closed at $22.38 on the New York Stock Exchange, up from its initial offering price of $20 a share.
The IPO was one of the biggest in Asian history. The company's shares also will begin trading in Hong Kong today.
China Unicom, a unit of state-run China United Telecommunications Ltd., is the second largest provider of cellular service in China, and the largest paging system operator. China United remains the majority shareholder in Unicom, controlling about 75%.