Thousands in Shanghai bought a new stock issue.
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It was the first stock issue in Shanghai since the Communist takeover in 1949, China News Service said, and the second large-scale issue of public stock in China since last year, when the once-denounced capitalist practice was reintroduced. For now, the newly issued stocks cannot be traded, although they are transferable. The total issue was worth $1.79 million. The Shanghai company’s fund-raising operation is for businesses making photocopy and blueprint machines, knitwear and clothing, arts and crafts and medical appliances.
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