 Chinese share sales have been putting a smile on traders's faces |
Shares in China's Bank of Communications surged 14% on their first day of trading in Hong Kong. The bank, known as BoCom, is China's first to list in a foreign market and investors have been reassured by global giant HSBC buying a 20% stake.
BoCom had earlier raised $1.9bn (�1.04bn) in a share sale that was 25-times oversubscribed and the second biggest in the world this year.
On Thursday, the company's shares rose 35 Hong Kong cents to HK$2.85.
Industry cleanup
China is overhauling its banking industry, which is weighed down by huge amounts of bad loans to inefficient state-backed companies.
Financial regulators have made modernising the banking system a policy priority and international share listings are part of this process.
BoCom is China's fifth-biggest lender. China's other top four state-run banks are also preparing for international listings - however, the emergence of scandals have put back many of those plans.
Until now only Bank of China has listed in Hong Kong - and that was only through its local unit.
BoCom is planning to boost its retail banking operations and the company is forecasting profits of almost $1bn this year, up fivefold from the previous 12 months.
One-Minute World News 
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