XinRen Aluminum (MN5.SG) at $0.640 on debut, +16.4% vs $0.55 IPO price; volume huge at over 252 million shares so far, says Dow Jones.

Massive interest in stock as its main activity -- production of primary aluminum in China -- closely leveraged to country's rampant economic growth.

Apart from Noble Group (N21.SG), counter is the only real exposure to China's demand for metals on SGX and while Singapore-listed developers, REITs offer China exposure, they perceived as vulnerable to Beijing's property tightening measures.

XinRen's scale, growth also alluring with annual smelting capacity at 275,000 tonnes, represents 0.7% global capacity; company's IPO prospectus says revenue in 2009 was RMB4.26 billion ($829 million) +29.2% from 2007, net profit of RMB306.0 million +114.1% vs 2007; for 3-months to end-March, revenue was RMB1.27 billion, net profit at RMB150.3 million; suggest solid earnings growth.

Orderbook tips $0.650 as near-term cap.