The stock opened at $21.68 and surged more than 15% to a high of $24.17 as of 10:55 a.m., by which point more than 7 million shares had changed hands.
The company, which has been called the Chinese equivalent of Twitter (TWTR), raised $286 million by pricing its initial public offering of 16.8 million shares, 16% fewer than expected, at $17 a share. That price was at the low end of the expected $17 to $19 range but valued the company at approximately $3.46 billion.
The stock opened at $16.27 on Thursday, but quickly recovered and surged more than 25% to a high of $24.48 for the day. More than 31 million shares had changed hands by the close of trading.
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