Chinese contract research outsourcing provider WuXi AppTec made its debut on the Shanghai Stock Exchange Tuesday, marking the first Chinese unicorn firm to be listed domestically.
The company's stock price surged by 43.98 percent to reach 31.1 yuan (4.89 U.S. dollars) per share shortly after the stock market opened and remained at the upper limit for IPO share price growth for the rest of the trading time.
WuXi AppTec offers services to help customers shorten the discovery and development time of drugs and medical devices as well as reduce their R&D costs. It has become China's largest new drug R&D service provider.
Founded in 2000, the biotech firm was listed on the New York Stock Exchange in 2007 and delisted in 2015 after its decision to be privatized.
It just took 50 days for the company to get the greenlight from the China Securities Regulatory Commission (CSRC) to list on the A-share market.
The CSRC signaled earlier this year that it would fast-track new listings by "unicorn companies" -- start-ups valued at more than 1 billion dollars -- to invigorate the country's capital market and foster the new economy.
