(Yicai Global) Sept. 6 -- Shares in Ruida Futures have hit the Shenzhen bourse's percent up limit twice in two days after the Fujian province-based brokerage became the second listed futures firm on the Chinese mainland yesterday.

Its share price [SHE:002961] opened at CNY8.82 (USD1.23) this morning and has remained there since, a 10 percent rise after surging by the debut maximum 44 percent in yesterday's trading.

Ruida priced its initial public offer at CNY5.57 a share at a price-earnings ratio of almost 23, raising some CNY220 million (USD30.8 million). It brought in CNY378 million in net revenue during the first half of this year, mostly from commissions and margin interest from its financial, commodities and overseas futures businesses. The 1993-founded firm also provides asset and risk management services.

The company is China's second listed futures brokerage behind only Nanhua Futures, which has hit the limit up every day since its IPO on Aug. 30.

China's exchange-traded derivatives market is more developed than its over-the-counter one, according to a Zhongtai Securities report that says China's OTC market is trapped by high entry costs and low trading transparency.