Shares of China Life Insurance Co. Ltd. (LFC: Research, Estimates) rose 34 percent in their trading debut amid continuing interest in companies that operate in China.
The largest life insurer in the world's most populous nation saw its offering 25 times oversubscribed as investors renewed their craving for IPOs and clamored for a piece of the Chinese economy, which is growing at more than 8 percent a year.
China Life's American depositary shares, which equal 40 Hong Kong-listed shares, traded at $25 in the midmorning, up from the company's offering price of $18.68. The stock was the most active issue on the New York Stock Exchange.
U.S. investors are keen to buy into China as increasing wealth among its $1.3 billion people fuels demand for everything from cars to mutual funds.
China Life, whose market share is about 45 percent, will make its trading debut in Hong Kong Thursday.
Small Hong Kong investors, emboldened by the robust first-day performance from recent IPOs by mainland firms in the territory, lined up outside bank branches last week to apply for China Life shares in a frenzy not seen since the dot-com era.
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