Ludashi shares surge on its first trading day

Chinese software developer 360 Ludashi Holdings surged almost 220 percent on Thursday — its first trading day on the Hong Kong stock market.

Ludashi, which raised HK$162 million (US$20.8 million) from its initial public offering, is the latest domestic tech firm listed in Hong Kong.

Ludashi closed at HK$8.60 on Thursday, jumping 218.52 percent during its debut.

Founded in 2014, Ludashi is a computer system optimization and security firm, which was recently spun off from China’s biggest Internet security firm Qihoo 360. It now has more than 600 million users, mainly desktop computer and Android smartphone users.

In February 2017, Ludashi raised 112.5 million yuan (US$16.1 million) in investor financing.