Investors embraced China Digital TV Holding Co.’s IPO last week, more than doubling the value of the company’s shares in the first hour of trading. After opening at a high of $37.50, well over double the IPO price of $16 per share, the stock has traded only as low as $29.04.

China Digital provides conditional access systems that allow digital television network operators in China to control their subscribers’ content and services, such as on-demand viewing and pay-per-channel programming.

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