Bank of China, the country's second-biggest lender, raised $9.7 billion (€7.58 billion) in the world's sixth-largest IPO.
The offering, which was heavily oversubscribed as investors scramble to tap China's surging economic growth, will rise to fourth in the all-time IPO rankings if, as expected, Bank of China exercises an over-allotment option that will expand the deal to US$11.1 billion (€8.68 billion).
The state-run bank's share sale tops the US$9.2 billion raised last October by rival China Construction Bank to be the nation's largest, and was the most heavily-subscribed Hong Kong IPO ever despite a recent selloff in emerging markets.
"It's pretty much a no-brainer in that most institutions see it as a stock they have to own, and the brand name drives a lot of the non-institutional demand, like corporate, wealth management, and retail," UBS Managing Director David Chin was quoted as saying.
Bank of China, whose IPO is the world's largest by a financial institution, will use proceeds from the deal to build its capital base and expand its business.
China is listing its big lenders as it scrambles to whip the long-ailing banking industry into shape before the sector opens further to foreign competition at the end of this year under Beijing's World Trade Organisation (WTO) commitments.