Laopu Gold Co shares surged as optimism over the company’s prospects outweighed the expiry of the lock-up period for some of its stock following its initial public offering (IPO) last year.

The shares jumped as much as 18 percent in Hong Kong Monday, putting them on course for a record high close. The rally extends the gain since the company’s initial public offering a year ago to more than 2,400 percent. The lockup period for some of its shareholders — including Chairman Xu Gaoming — expired on Friday.

READ MORE: Laopu Gold’s 2,300 percent rally faces test after stock hits HK$1,000

The jump in the luxury jewelry maker’s stock comes as analysts say they are optimistic over the success of Laopu’s new outlets, the latest being a third store at the Shanghai International Finance Center that opened over the weekend.

Monday’s advance is due to strong demand momentum, successful openings in Singapore and Shanghai, and a decent store-opening pipeline for the second half of the year, Morgan Stanley analysts including Hildy Ling in Hong Kong wrote in a note.

READ MORE: Sales of luxury gold products show sustained upswing despite headwinds

The amount of shares trading hands Monday has already climbed to an all-time high of HK$3.5 billion ($433 million), while the stock rose as high as HK$1,035, surpassing the HK$1,000 barrier that was seen as a potential resistance level.