China's state pension fund made $161m (€127m) from selling shares in China Merchants Bank on its first day of trading last week, when the stock rose by as much as 30% on its offer price.

The $25bn National Council for Social Security Fund sold its 114 million shares, amounting to a 7% stake, at an average price of HK$10.97.

During the bank's first day of trading, China Merchants shares finished the day 25% higher from the HK$8.55 offer price at HK$10.68, Bloomberg reported. At one point they had been trading at HK$11.14.

The bank completed its $2.4bn flotation early last week, gathering orders for 53 times the amount of stock available, or $127bn.

Shares in the bank, which is also listed on the Shanghai Stock Exchange, have risen 51.3% this year, making it the best performer among the mainland’s six publicly traded lenders.

Separately, the bank said it would exercise its 10% over-allotment option, selling an additional 242 million shares at HK$8.55. Ten percent of them will be transferred to the Social Security Fund.

Source:佚名