XIZHI TECH-P (01879) soared 385.26% at the open on its first day of trading in Hong Kong.

The surge came as the stock debuted at HK$880 per share, significantly above its initial public offering price of HK$183.2 per share. The IPO was heavily oversubscribed, with the Hong Kong public offering 5,784.70 times subscribed and the international offering 53.83 times subscribed, indicating strong investor demand.

Cornerstone investors in the IPO included major institutions such as Alibaba Investment, GIC, Baillie Gifford, BlackRock, Fidelity International, Schroders, Temasek, and CM Shanghai Fund. The company raised approximately HK$2.38 billion in net proceeds from the offering.