A seasonal gift from Beijing for canny, or lucky, investors in Hong Kong. China Machinery Engineering Corporation (CMEC), the state-owned contractor, saw its shares leap by as much as 19 per cent as it made its HKSE debut on Friday.

With Asian markets generally weak on Washington’s failure to reach a fiscal cliff deal, CMEC’s soaraway $500m initial public offering was a surprise bonus on an otherwise dull day. Read more