The volume of share dealing in China Construction Bank soared on Wednesday, fuelling speculation that some buyers of Bank of America’s $7.3bn sell-down had flipped their holdings to pocket huge gains.

The troubled US bank, which is trying to raise $34bn to meet regulators’ capital requirements, on Tuesday sold 13.5bn shares in the mainland lender to a group of predominantly mainland investors via a private placement at HK$4.20 each, a discount of more than 14 per cent to Monday night’s closing price.