Asia Media Co. of China made a strong debut Thursday on the Tokyo Stock Exchange, ending the day at 752 yen -- 17.5 percent higher than its offering price -- as it became the first mainland Chinese company to go public in Japan.
Asia Media, which provides information on television programs in China over the Internet and on cable TV, initially fetched 672 yen on the TSE's Mothers market for startup companies and stayed above the 640 yen offering price for the rest of the day, briefly rising to 772 yen.
Asia Media offered 8,050,000 shares for its listing in Japan.
With the new listing, there are now 26 foreign companies on the TSE -- Asia's largest exchange -- sharply below the high of 127 in 1991.
The TSE's decision to allow Asia Media's initial public offering came as part of the exchange's efforts to lure more companies from the rapidly growing Chinese economy and also underlined its intention to increase its presence on the international stage.