Electrical and power-grid equipment maker China Titans Energy Technology Group made an impressive debut on the Hong Kong stock exchange, rising as much as 47% during trading and raising HKD212.5 million. The offering attracted strong interest from retail investors with the retail tranche more than 475 times oversubscribed. The Guangdong-based company researches and makes power grid monitoring and management products, charging equipment for electric vehicles, wind and solar power generation products, and high-power LED lighting products. Part of the net proceeds will be spent on building a new production plant and acquiring new businesses. Net income was CNY54 million last year, an increase of 39% compared with 2008.

• The daily trading limit of China Eastern Airlines’ shares returned to 10% from 5% after its special trading limit was waived, as the company returned to profit last year. The limit was imposed on April 17, 2009, after China Eastern reported two straight years of losses.
• Agricultural Bank of China (ABC) edged closer to launching an A-share initial public offering after it cleared a preliminary hearing by the China Securities Regulatory Commission (CSRC). The bank is expected to raise a combined USD30 billion in a Hong Kong and Shanghai dual listing, likely to become the world’s biggest share sale.
• China has agreed to allow qualified foreign investors to trade stock index futures, enabling companies such as Invesco and Martin Currie to hedge risks in the country and compete more effectively with local asset managers. Foreign joint ventures in China and foreign investors under the Qualified Foreign Institutional Investor (QFII) plan will be allowed to trade the derivative.