Share prices for So-Young International surged 31.9% on Thursday following the Chinese internet cosmetic services company’s Nasdaq debut, as surging momentum in China’s medical aesthetic industry gains speed.

The stock price rose further to $20.77 by market close on Friday, a more than 50% increase of its offer price of $13.80. The Tencent-backed plastic surgery services platform filed its offer documents in April, seeking to price its shares at between $11.8 and $13.8 with a maximum amount of $179 million. It had raised a total of eight rounds of funding before going public, including a $50 million Series C in 2016 led by Chinese investment firm Youyipin which also included Tencent, according to Chinese media outlet 36kr.

According to its prospectus, about 30% of the funds will be used in technological research and development (R&D), while 40% of the capital will be invested toward user acquisition and market expansion. Jin Xing, founder and CEO of the company, said in a trade event in December that it will improve its online consulting services with intelligent algorithms, while developing video-streaming functions on its platform.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen