The omens are good. BoC attracted a record 1m applications for shares in Hong Kong last week, allowing it to price the stock near the top end of the indicative range despite a downturn in global equity markets.

But the stakes are high. A strong debut would bode well for other Chinese companies, especially banks, which are planning to raise billions of dollars in overseas markets in the next year on the back of the current craze for Chinese stocks.

A poor debut, though unlikely, could mean a delay in other planned IPOs, such as the expected $10bn offering expected this year from Industrial and Commercial Bank of China, the country?s biggest lender.