China Construction Bank, which has traded in Hong Kong since October 2005, rose as much as 40% on its first day of trading in Shanghai in the world’s second-largest share sale this year, reports Bloomberg. The stock traded 34% higher by mid-morning at 8.67 yuan, giving the Beijing-based bank a value of $218bn. Chinese investors, undeterred by high valuations for traded companies, are clamoring for IPOs as returns on bank savings lag the nation’s inflation rate. The last six IPOs in China surged by an average 250% on their first day of trading.
