Shares in China Machinery Engineering, a state-controlled engineering contractor in the power sector, rose sharply on its debut in Hong Kong yesterday, offering a surprise bonus for investors on a bleak day.

The Beijing-based company, which had priced its shares at the top end of the indicative range, jumped up to 19 per cent at one point before ending the day 16.7 per cent higher than its offer price of HK$ 5.40. The Hang Seng Index lost 0.8 per cent on the day.