People’s Insurance Co (Group) of China, the mainland’s largest non-life insurer, raised investors’ eyebrows on its debut in Hong Kong yesterday, jumping as much as 8.05 per cent at one point.

PICC, which had priced its shares near the bottom of the indicative range, closed at HK$ 3.72 – 6.9 per cent higher than its offer price of HK$ 3.48. The Hang Seng Index fell 0.26 per cent in heavy trade.