QuantumCTek makes eye-popping debut on STAR market

Updated: 2020-07-10


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QuantumCTek Co Ltd sees its shares skyrocket with its trading debut on the Shanghai Stock Exchange's sci-tech innovation board on July 9. [Photo/WeChat account: hefeigaoxinfabu]

China's first quantum communication IPO by quantum technology firm QuantumCTek Co Ltd increased by more than 1,000 percent during its share trading debut on the STAR market on July 9.

The Chinese tech stock closed at about 370 yuan ($53) per share on its first day, or 924 percent higher than its IPO price, breaking the previous record first-day gain of 614 percent on China's Nasdaq-style stock market.

Founded in 2009, QuantumCTek specializes in the R&D, production, and sale of secure quantum communication products and is located in the Hefei National High-tech Industry Development Zone, also known as China's "Quantum Center".

It recorded 258 million yuan in revenue in 2019, and its listing, which boosted its market capitalization to over $4.2 billion, is expected to help it explore the industrialization of quantum technology.