Shares in Bank of Beijing, the $2bn (€1.4bn) flotation of which was heavily oversubscribed, doubled on their first morning of trading and investor appetite remains strong with a further $20bn expected to be raised via three Shanghai initial public offerings in the next fortnight.

Bank of Beijing's A-shares opened at 23 yuan, up from an opening price of 12.50 yuan. Shares rose to an intraday high of 25 yuan at 01:45 GMT.