Shares in China’s largest hypermarket operator Sun Art Retail Group have surged on their debut on the Hong Kong stock exchange today (27 July).

Shares rose as much as 46.9% in early trading to HK10.58 a share, up on the initial price of $7.20 a share.

The retailer, which is part-owned by French retailer Auchan, raised HK$8.21bn (US$1.05bn) after 1.14bn new shares in the company were sold.

Sun Art, which is also partially owned by Taiwaneese company Ruentex Group, plans to use part of the proceeds from the IPO to build on its position as China’s largest hypermarket retailer.

A holding company called A-RT remains the majority shareholder in Sun Art. Auchan holds a 51% stake in A-RT.