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China tech

China's QuantumCTek surges 1,000% on first day of share trading

Reception after Shanghai listing highlights buoyant feeling among Chinese investors

QuantumCTek shares on Thursday closed 924% higher on Shanghai's STAR Market, giving the Hefei-based company a market capitalization of 29.6 billion yuan. (Source photo by Reuters) 

SHANGHAI -- The shares of Chinese technology company QuantumCTek have set a record by soaring more than 1,000% on their first day of trading on the STAR Market in Shanghai, underscoring how China's investors are plunging into stocks amid expectations of strong growth.

QuantumCTek shares on Thursday opened at 280 yuan a share, compared with the initial offering price of 36.18 yuan. The stock traded over 1,000% higher at one point before closing at 370.45 yuan, or 924% higher, giving the Hefei-based company a market capitalization of 29.6 billion yuan ($4.2 billion).

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