Shares of China's GigaDevice Semiconductor surged 54 percent in their Hong Kong trading debut on Tuesday, after raising HK$4.68 billion in a secondary listing.

That came as the benchmark Hang Seng Index opened 350 points, or 1.32 percent, up at 26,958, and surged past the 27,000 mark soon after.

The China enterprises index gained 115 points, or 1.2 percent, at 9,335 and the tech index was 113 points, or 1.9 percent, up at 5,976.

Across the border, the benchmark Shanghai Composite Index was up four points, or 0.11 percent, at 4,169 while the Shenzhen Component Index was 30 points, or 0.21 percent, up at 14,397.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was up 0.07 percent at 3,390.

The Hang Seng and mainland mainboard gains came as Japan's Nikkei share average surged to a record high on Tuesday, playing catch-up with Wall Street's two-day rally after a public holiday in the Asian nation.

The Nikkei ‌jumped 3.6 percent to ‌a record 53,814 within the first 10 minutes of trade, while the broader Topix rose as much ⁠as 2.4 percent to 3,599, also a record peak.

GigaDevice Semiconductor shares climbed to HK$225 in early-morning trade, 39 percent higher than its offer ‍price of HK$162.

Founded in 2005, GigaDevice – also listed in Shanghai – is a fabless IC design house. ‌Its products include flash memory such as NOR, ‍microcontrollers and other ‌chips used in ‌areas ‌including consumer electronics, automotive and industrial automation and energy storage.

GigaDevice said proceeds from ⁠the Hong Kong share sale would be used for research and development as well as ‌strategic and industry investments, including ‍potential acquisitions. (Reuters/Xinhua)