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, the Hong Kong-based Chinese-language newspaper Sing Tao Daily reported.