SHARES in Chinese mobile marketplace operator 99wuxian have soared after debuting on the Australian market.
99wuxian has more than 20 million registered users and allows consumers to shop on mobile devices such as smartphones and tablets.
Shares in the company gained as much as 50 per cent in their first day of trade, and at 1510 AEDT were up 10 cents, or 25 per cent, at 50 cents.
However, their value fell away somewhat, closing five cents, or 12.5 per cent, higher at 45 cents.
99wuxian's Australian listing was aimed at raising $20 million to complete an agreement with its mobile payment provider.
Chairman Ross Benson said the company's initial public offering (IPO) ahead of Tuesday's listing was oversubscribed.
"It's a very strong endorsement of the interest that the Australian public have, particularly in m-commerce and within some of these very exciting consumer growth areas in China," Mr Benson said.
He said the company had listed in Australia because of its rapid growth and positive cash flow, but there were no plans to list the company in China at this stage.
"We've listed here because there is a very strong local demand to participate in China for good quality opportunities to participate in the consumer space," Mr Benson said.
"Within the next couple of years we anticipate we'll be staying in the Australian market."
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