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Date: 2012-10-09

SHANGHAI, Oct 9 (Reuters) - China Molybdenum Co Ltd , backed by Chinese billionaire Yu Yong, nearly tripled on its Shanghai debut after the company sold stock way below the indicative range - triggering a surge in bids and prompting a trading halt.

The market enthusiasm contrasts sharply to the dull response to the company's public offering late last month that raised a less-than-expected 600 million yuan ($95 million). The Chinese producer of tungsten and molybdenum sold shares at 3 yuan each, compared with a pre-marketing range of 6.49-8.48 yuan, according to Thomson Reuters publication IFR.

Shares in China Molybdenum, already listed in Hong Kong , opened at 8.70 yuan on Tuesday. Trading of the stock was halted less than an hour-and-a-half into the session as turnover reached 80 percent of the number of shares offered in the Shanghai offering.

The stock is also underpinned by investor expectations the government would take steps to keep the market stable ahead of the Communist Party Congress. At the congress next month, President Hu Jintao will step down as party chief, almost certainly making way for Vice President Xi Jinping to emerge as top leader.

China Molybdenum, whose stock rose as high as 9.48 yuan on Tuesday, had earlier raised less funds than expected because of the slack demand for resource-related firms in a slowing economy.