China's second biggest initial public offering this year, the Shanghai and Hong Kong $4.9bn (€3.6bn) initial public offering of aluminium maker Chalco, soared threefold on its debut as the government urges companies to list domestically.

Chalco stock surged to 20 yuan from its issue price of 6.6 yuan, valuing its Shanghai stock at double the price of its Hong Kong shares. One Shanghai-based analyst said: "The current price of Chalco suggests the stock is overvalued."