China Resources Microelectronics Limited (CR Micro), an affiliate of state-owned conglomerate China Resources, has raised over 4.31 billion yuan ($614 million) in an initial public offering (IPO) on the Nasdaq-style STAR Market on Thursday.
Shares of CR Micro were traded at 50 yuan ($7.13) apiece on its market debut almost four times the IPO price of 12.80 yuan ($1.83), giving the firm a market capitalization of over 49 billion yuan ($6.99 billion).
