(Yicai Global) Dec. 20 -- China-Singapore Suzhou Industrial Park Development Group, a joint venture between the governments of the two nations known as CSSD, has surged by the maximum in its Shanghai debut this morning.

Shares in CSSD [SHA:601512] had risen by the 44 percent limit to CNY13.92 (USD1.98) by within two minutes of the opening bell, and remained there till the markets closed. Its two main shareholders, Suzhou Industrial Park and Singapore-Suzhou Township Development, have seen their stakes dwindle to 46.8 percent from 52 percent and 25.2 percent from 28 percent as a result of the offering.

The company, the primary developer of China's Suzhou Industrial Park, issued nearly 150 million shares in the initial public offering, raising close to CNY1.4 billion (USD200 million) after deducting listing expenses. It plans to use the proceeds to build infrastructure in the southern section of the Suzhou park.

Chairman Zhao Zisong had touted during the IPO roadshow that the company would take full advantage of the international cooperation and combine the two nations' experience in industrial park development and global investment. He also hopes to build more parks similar to the Suzhou one in other areas of China.

The Suzhou Industrial Park, initiated in 1994, was the first ever tie-up between the Chinese and Singaporean governments and was personally advocated by late Singaporean Prime Minister Lee Kuan Yew.

Editor: James Boynton