The apparel retailer controlled by Li & Fung Group surged to HK$3.21, almost double its offer price of HK$1.65, before the upside was trimmed.

It closed 49.1 percent higher at HK$2.46 - the third largest gain of a stock on its debut this year.

Investors posted a paper gain of HK$1,620 per board lot of 2,000 shares.

Trinity raised HK$746 million from floating 451.9 million shares.

"Newly listed stocks with a small offering size may attract speculators as share prices can be easily manipulated," said Bright Smart Securities general manager Nelson Chan Kai-fung.

Some institutional investors may have a "special affection" for the company, Chan noted.

"Normal investors may not want to buy at such a high valuation."

Trinity's valuation surged to a price- to-earnings multiple of 25 times based on the HK$145.2 million earnings forecast for 2009.

CIMB-GK analyst Claudia Ching said a reasonable valuation should be a PE ratio of between 18 and 20.

Trinity's turnover was HK$1.54 billion - accounting for 2.5 percent of main-board turnover - with 599.2 million shares changing hands.

Meanwhile, CPMC, the mainland's largest metal packaging manufacturer, received retail subscriptions worth HK$878 million via margin financing orders. This is eight times the amount it is targeting from its from retail portion, according to five brokerages.

China Tontine Wine Group kicks off its roadshow today in its bid to raise over HK$500 million. The wine maker will open its retail book tomorrow.

Fantasia Group has lured China Poly Group as a cornerstone investor with a HK$100 million subscription.

Chinese Estates (0127) chairman Joseph Lau Luen-hung, C C Land (1224) chairman Cheung Chung-kiu and "king of toys" Francis Choi Chi-ming may also subscribe for a total HK$500 million worth of shares. Fantasia will start its roadshow next Tuesday.