In a bit of a surprise, WSP Holdings Limited’s IPO was priced significantly below the expected range of $10.50 to $12.50 per ADS. JP Morgan was the lead banker on the deal which was priced at $8.50 per share. The manufacturer of seamless casing, tubing and drill pipes for the oil industry will receive total proceeds of about $212.5 million before expenses.

In Hong Kong, the market closed up 213.47 points after a strong open had the market trading as high as 29,558.92. China Mobile and HSBC, Hong Kong’s largest bank, both showed strength closing at 145.7 (HKD) and 133.6 (HKD). Most Hong Kong-based property companies were lower but China Overseas, a housing developer, rose 2.74 percent as a result of its upcoming inclusion in the Hang Seng index. Oils, banks and insurers were mostly higher.

The Shanghai Composite Index closed down .15 percent as a result of profit taking across the metals sector. Some Traders blamed speculation on China’s move to a tighter monetary policy after the Central Government fueled speculation on comments that it needs to curb inflation.