Investors have shrugged off regulatory problems surrounding the listing of Gitic Enterprises to make it the most oversubscribed public offering in Hong Kong stock market history.
The offer - which closed yesterday - was about 900 times subscribed, sources close to the issue said.
The record-breaking subscription rate beats Guangdong Tannery's record of 667 times and has locked up $90 billion in the banking system.
Hong Kong dollar overnight interbank rates soared in response, closing at 5.625 per cent yesterday, up from Wednesday's close of 4.375 per cent.
In value terms, the money frozen is below the record $240 billion set by Denway Investment four years ago.
The huge response to the issue is the latest indication of the strength of speculative interest in the red-chip sector, shares in which have soared in recent weeks.