Jiaxin International Resources Investment (HKG:3858) saw its shares skyrocket by 120.15% in its Hong Kong stock market debut on Thursday. The tungsten-mining firm's stock opened at HK$22.8 per share, more than double its initial public offering (IPO) price of HK$10.92, reflecting strong investor enthusiasm for the newly listed company.

The impressive debut follows a highly successful IPO that raised HK$1.09 billion in net proceeds. The offering was met with overwhelming demand, particularly from retail investors. The Hong Kong public offer portion was an astounding 2,041.62 times oversubscribed, while the international offering was 21.11 times oversubscribed. This exceptional level of interest underscores the market's confidence in Jiaxin International's prospects.

Several factors contributed to the strong debut, including the involvement of prominent cornerstone investors such as China Cinda (HK) Asset Management and GF Fund Management, who collectively were allotted 50% of the global offering. The company's focus on tungsten mining, a critical material in various industries, may have also attracted investors looking for exposure to strategic resource sectors. As Jiaxin International Resources begins its journey as a public company, market participants will be closely watching its performance in the coming weeks to see if it can maintain this initial momentum.