Shares in Bank of Communications, China’s fifth largest lender, rose as much as 16 per cent on their debut in Hong Kong on Thursday, reflecting a massive oversubscription of the HK$14.65bn initial public offering.
The strong performance by BoCom, the first Chinese lender to list abroad and the world’s second largest IPO this year, was in sharp contrast to the cool reception accorded to other recent new listings in Hong Kong, and the lukewarm demand for the HK$12.9bn offer launched this week by Cosco, China’s biggest shipping group.
