A Tencent-backed Chinese ebook publisher just had a smashing first day as a public company. Called China Literature, the company raised around $1 billion in its IPO. The company was founded in March 2015 through a merger between Tencent Literature and the former Shanda Literature.
The firm’s shares sold for HK$55 in the public offering, but closed their first day worth HK$102.5, a jump of nearly 83 percent. According to Reuters, that gain is preceding China Literature’s first-day gains, 2017’s best initial IPO results were something of a tie.
China Literature had a profit of 213.5 million yuan ($32.2 million) in the first half of this year, compared with a 2.4 million yuan loss for the same period in 2016, a prospectus showed. That’s probably why everyone jumped onto the company’s IPO.