Shares of MiniMax Group surged around 109 percent on the first trading day for the Chinese artificial intelligence start-up in Hong Kong.

The company's shares opened trading at HK$235.40 and saw a 42.7 percent surge in demand.

The stock finally closed at HK$345 per share, more than double its IPO price of HK$165.

MiniMax raised HK$4.8 billion after pricing its shares at the highest of its marketed range and exercised its overallotment option to meet excessive demand.

The sterling performance by the Shanghai-based AI company comes a day after the Hong Kong debut of its rival Knowledge Atlas Technology, better known as Zhipu, whose shares also jumped 20.6 percent on Friday after a slow start.