Shares in Chinese cable TV company Jishi Media Co Ltd rose 55 percent on its debut on Thursday, after raising 1.96 billion yuan ($311.3 million) in a Shanghai initial public offering.

Jishi Media shares opened at 10.88 yuan each, compared with its IPO price of 7.00 yuan.

The company, which operates in the northwestern province of Jilin, had initially planned to raise about 2.2 billion yuan to fund two cable network projects, but the fundraising was reduced amid weak investor demand for new shares.

Jishi Media posted average annual profit growth of 208 percent during the 2008-2010 period, thanks to a government-led campaign to transform analogue TVs into digital. The company has warned that the benefits of the reform could gradually fade.

The company said its earnings doubled in 2010 after surging 373 percent in the previous year.

Citic Securities is the lead underwriter for the deal.