Metallurgical Corp of China (MCC), which is raising up to $5.3bn in a dual listing, attracted a better-than-expected Rmb1,600bn ($234bn) in subscriptions from Shanghai investors, underlining the strength of demand for beneficiaries of Beijing's stimulus package.
The strong appetite for what will be the world's second-largest initial public offering so far this year comes amid growing expectations that China will soon allow foreign companies and red-chips (mainland companies incorporated and listed in Hong Kong) to list in Shanghai for the first time.
The director-general of the Shanghai government's Financial Services Office told the Financial Times this week that he expected one or two foreign companies to be able to list in Shanghai early next year.