Fujian-based brokerage Industrial Securities (601377.SH) saw its shares rise 51% on its first day of trading in Shanghai on Wednesday, Bloomberg reported. The Fujian Provincial Department of Finance owns roughly 27.5% of the firm and brokerage services make up 60% of its total revenue. The company raised US$394.1 million on its market debut, outperforming analyst expectations. The performance is all the more impressive coming on a day when the Shanghai Composite Index ended down 0.22%, and stands in contrast to a series of lackluster IPOs in Shanghai this year, most notably September’s underwhelming launch of Ningbo Port Co. (601018.SH). However, the Shanghai exchange is on track to become the world’s top IPO market this year following a massive offering by the Agricultural Bank of China (ABC; 601288.SH, 1288.HK) in July.