Shares in the Industrial and Commercial Bank of China surged in Hong Kong and in Shanghai this morning, as the bank moved ahead of Mitsubishi UFJ to become the world's fifth-largest bank in terms of market capitalisation on its first day of trading.

At 7.30GMT 'H'-shares traded in Hong Kong were up 18% to HK$3.55, while 'A'-shares, traded in Shanghai, were also up 5.2% over their offer price of RMB3.12. Last week both H and A shares priced at the top end of their ranges.