Qi An Xin makes STAR Market debut

Chinese cybersecurity company Qi An Xin Group debuted on the nation's technology-focused STAR Market on Wednesday, raising 5.719 billion yuan ($820 million) from its initial public offering.

Its shares opened 115.70 percent higher -- at 121.01 yuan -- with a total market capitalization reaching 82.24 billion yuan. The company issued 679 million shares during this round, at 56.10 per share.

"The funds raised from the offering will be invested in the construction of cybersecurity defense systems based on the future network form, covering many key and frontier areas in the cybersecurity industry," said Qi Xiangdong, chairman of Chinese security company Qi An Xin.

Qi said the company will focus on six key fields, including the construction of cloud and big data security protection and management operation centers and industrial internet security service.

Qi An Xin's debut came after Cambricon Technologies, a Beijing-based artificial intelligence chipmaker, was officially listed on the STAR Market on Monday, with an issue price of 64.39 yuan per share and a 230 percent increase on the first day of trading in Shanghai.

Experts said the number of cybersecurity companies that have been listed on the domestic A-share market has reached 24, and there will be a reshuffle in the whole industry.

Based on market research conducted by IDC in 2018, China's IT security market size took only 1.84 percent of the overall IT market, while the counterpart in the US took up to 4.78 percent.

The IT security market is yet to be doubled or even tripled in China in the future with favored policy and increasing demand for security services.