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PICC Surges in Debut as Valuation, Growth Attract Buyers

People’s Insurance Company (Group) of China Ltd. surged in its Hong Kong trading debut as investors embraced the city’s biggest initial public offering in two years for its relatively low valuation and growth potential.

The shares jumped 6.9 percent from the offering price to close at HK$3.72. The Beijing-based company sold about 6.9 billion shares last week in Hong Kong, raising HK$24 billion ($3.1 billion). The benchmark Hang Seng Index fell 0.3 percent.