A Chinese initial public offering for a quantum technology company, much like the technology that underlies it, went exponential, Bloomberg is reporting.
The news outlet is reporting that QuantumCTek Co., which bills itself as a quantum info company and lists on the science and technology board, soared nearly tenfold on its trading debut. The company, which develops information security products, closed 924% above its 36.18 yuan ($5.18) issue price on China’s Star board.
This IPO far exceeded the previous record of a 614% first-day jump, posted just on Tuesday by Tinavi Medical Technologies Co.
Financial experts are saying this is the latest sign of euphoria in China’s $9.3 trillion stock market.
According to Bloomberg, the frenzied trading comes as stock volume and prices have been rising quickly in China. The market has added more than $1 trillion of value since June 30, outpacing gains in everywhere else globally, and Chinese investors’ margin financing is rising at the fastest pace since 2015.
It also suggests that the market has a huge appetite for quantum-based companies, which should add a boost to the rapidly developing quantum startup community, many of which are announcing their initial rounds of venture and angel funding.