EuroEyes International Eye Clinic (01846.HK) shares rose as much as 102% on their debut, the latest example of frenzied trading in small initial public offerings in Hong Kong.

Morning trading volume almost equaled the shares sold by the German operator of eye clinics in the IPO, before the exercise of a green shoe option, according to data compiled by Bloomberg. The stock pared some of the gains, up 59% in recent trading. EuroEyes raised $75.9 million selling shares last week at the midpoint of a marketed range.

Wild debuts popped up this month in a stock market roiled by violent protests and trade tensions, catching investors by surprise. Shares of software developer 360 Ludashi Holdings Ltd. more than tripled on Oct. 10, while Xinyuan Property Management Service (Cayman) Ltd. jumped 42% a day later.

Five Hong Kong stocks have debuted this quarter after completing initial offerings below $100 million. The four small caps before EuroEyes surged by an average 53% on their first day, after adjusting for IPO sizes. The weighted return is the highest for any quarter since early 2017, data compiled by Bloomberg show.

Hamburg-based EuroEyes derived 63% of its 2018 revenue from Germany and another 28% from China. The company reported 43 million euro in sales last year, up 16% from 2017.

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