(Fortune) QuantumCTek Co., which develops quantum technology-based information products, reached $50.49 per share by the midday break, 876% up from its $5.18 issue price on Shanghai’s Star market board. By the end of the day, the stock had jumped 924% from the issue price. This is the largest first-day leap in the history of China’s stock markets.
The Star market launched in July 2019 and is known for its focus on science and technology companies. Unlike peer exchanges, it has no trading limits on a stock’s first days.
QuantumCTek is the first quantum technology company to go public in China. It specializes in quantum key distribution, a type of communications technology for securely transmitting encryption keys that uses phenomena from quantum physics.
QuantumCTek, based in Hefei, in China’s Anhui province, filed for an initial public offering on the Shanghai Star exchange in March 2019, and gained final approval in June. It had aimed to raise $43 million from the listing.