State-owned China Machinery Engineering Corporation rose more than 18 percent on its trading debut in Hong Kong on Friday, after raising $500 million and pricing its deal at the top end of the range.
Shares in CMEC surged to HK$6.40 ($0.83) during the morning trading session, compared to its initial public offering price of HK$5.40 per unit, before it edged down to HK$6.29 at the break.
The benchmark Hang Seng Index ended the morning session 0.76 percent lower.
The retail tranche of the offering was 57 times oversubscribed.
CMEC has said proceeds from the share sale will mainly go to financing international engineering contracting projects.
CMEC, founded in 1978, focuses on power, transportation and telecommunications projects in over 150 countries and regions.
Earlier this month, state-owned Chinese insurer PICC raised $3.1 billion in Hong Kong’s biggest share sale this year, giving the Asian financial hub an upbeat end to a weak year in the global IPO market.
Chinese contractor CMEC up on Hong Kong debut
