China Pacific Insurance (Group) Co. Ltd, one of China's largest insurers, climbed 1.07 percent from the IPO price to close at 28.3 HK dollars on its Hong Kong trading debut on Wednesday.

The shares hit an intra-day low of 27.5 HK dollars in the morning trade after it opened flat today. In the afternoon the shares bounced back and closed slightly above the IPO price of 28 HK dollars. Trading volumes were heavy, with 129 million shares changing hands during the day.

In wider trading, the benchmark Hang Seng Index was up 1.12 percent at 21329.

China Pacific Insurance sold 861.3 million H shares in the IPO, or 10.2 percent of its enlarged share capital, raising approximately 24.1 billion HK (3.11 billion U.S. dollars) dollars in the city's second largest public share sale this year. The company planned to use the proceeds to strengthen the capital base.

The Hong Kong retail tranche was about 27 times subscribed, triggering a clawback option and raising the retail portion to 7.5 percent of the total offering from 5 percent. (One U.S. dollar equals 7.747 HK dollars)