New York - Perfect World, an online game developer and operator in China, saw its shares rise 30% in their initial public offering on the Nasdaq on Thursday.

The company had expected to sell 11.8 million American Depository Shares at between $12 and $14 each, but the shares sold at $16 each and hit a high of over $21 during Thursday trading.

Beijing-based Perfect World operates online games including "Zhu Xian," "Perfect World" and "Legend of Martial Arts"; the latter two titles recorded an average of 327,000 concurrent users during the first quarter, according to IDC.

The company, which reported first quarter revenues of $11.3 million, will use the proceeds to expand research and development and for general corporate purposes.

Perfect World is listed on the Nasdaq under the symbol "PWRD."

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