If Chinese domestic investor sentiment is anything to go by, the local energy sector is in for boom times. In October, a unit of the Shenhua Group, China’s largest coal company, raised $8.9bn (RMB66.2bn) in an initial public offering in Shanghai.

Until this week, it was the largest IPO in the world this year, but it was 30 times oversubscribed, locking up about $350bn in funds during the lottery for shares, and then jumped an astounding 87 per cent on the first day of trading.