China's Guotai Junan Securities shares soared 44 percent in their Shanghai debut on Friday after the company raised 30.1 billion yuan ($4.85 billion) in the country's biggest initial public offering (IPO) in five years.
The country's third-largest brokerage by profit saw its stock open at 28.38 yuan – up from their IPO price of 19.71 yuan.
The performance of the stock reflects the "herd mentality" of Chinese investors, Francis Lun, chief executive officer of Hong Kong brokerage Geo Securities, told CNBC. "That's typical of Chinese markets. You have an issue and everybody jumps on it."
The debut comes amid a highly volatile period for Chinese equities, which suffered their biggest weekly loss since the depths of the Global Financial Crisis last week. The Shanghai Composite slumped over 3 percent at the start of trade on Friday.