(Yicai Global) Oct. 18 -- The Hong Kong-traded shares of Haohai Biological Technology surged today after the biomedical materials producer set a record price for a listing on Shanghai's Nasdaq-style Star market.

It shares [HKG:6826] gained 14.5 percent to close at HKD46.15 (USD5.88) each. The stock has gained 18 percent so far this year, but is off a 52-week high of HKD61.80.

At CNY89.23 (USD12.60) each the initial share price is the highest so far for the sci-tech Star market. Haohai Biological is also the first company to list on the Shanghai Stock Exchange's new board with the involvement of a foreign investment bank.

Haohai Biological will issue up to 17 million shares [SHA:688366], 2.5 million of which will be offered at the record price, to raise CNY1.59 billion (USD224.5 million), the Shanghai-based firm said in a statement yesterday. The price-to-earnings ratio is 33.07, less than other comparable firms in the sector.

UBS Securities is the offering's underwriter and was allocated shares as a strategic investor, evidence of China's recent commitment to opening up its capital markets to overseas investors.

Haohai Biological's profit rose 79 percent to CNY415 million (USD58.6 million) last year. Profit gained the same to CNY372 million in 2017, and rose 84 percent to CNY305 million in 2016. Revenue grew at an average compound rate of 34.5 percent in the past three years, posting CNY1.6 billion in 2018, CNY1.4 billion in 2017 and CNY861 million in 2016.

The company listed on the Hong Kong stock exchange in 2015.