Shares of the Chinese short-form video app Kuaishou surged more than 190% on the company's launch on Hong Kong's stock exchange on Friday.
Shortly after the company listed, shares were selling at more than HK$300 ($38.07; £28.31), nearly triple the list price of HK$115.
Kuaishou is one of the most hotly-anticipated initial public offerings this year and has raised $5.4bn (£4bn).
The app has a massive user base in China and competes with TikTok.
China opens door to Ant Group's stock market debut
Why our ageing social networks may need TikTok
The peasant whose binge drinking went global
The company's listing is a key test of investors' appetite for Chinese tech companies as Beijing steps up scrutiny of the sector.
What is Kuaishou?
When it was created in 2012, Kuaishou was originally a mobile app for making GIF animations.
Now, it is a short-form video platform that competes with ByteDance's TikTok app, but is also popular for livestreaming.
In documents tendered with the Hong Kong stock exchange, Kuaishou said it aimed to be "the most customer-obsessed company in the world".
Kuaishou claims 305 million daily active users, who spent an average of 86 minutes or more on the app.
Content creators made up about 26% of the app's 769 million monthly active users.
The app is particularly popular in China's second and third tier cities, and in rural areas too, where it is often used for group chats and messaging, as well as for videos.
"Some people use Kuaishou more like they use WeChat. Kuaishou has a lot more functionality than TikTok," said Rui Ma, a Chinese tech analyst with Techbuzz China.
In addition to its popularity, the company's revenues grew from $1.3bn in 2017 to $6.2bn in the nine months ended September 30, 2020. สล็อต true wallet
However, it's still not turning a profit. The company reported a loss of $1.1bn over that period.