BoCom in strong IPO debut

Bank of Communications made a strong trading debut in its Hong Kong IPO on Thursday, state media reported, citing market performance and analysts. Shares closed at HK$2.825 (US$0.363), up 14% with a turnover of HK$5.2bn. The performance exceeded expectations and will pave the way for other banking IPOs. BoCom is the Mainland's fifth-largest lender. HSBC is the second-largest shareholder, with almost 20% of its shares; the Chinese Finance Ministry holds 25.53%.