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YY rises nearly 8% on successful debut
By Ding Yining |
November 23, 2012, Friday
|
Print Edition
Print Edition
CHINESE online social platform YY Inc rose almost 8 percent on Nasdaq following its initial public offering, but an analyst said it's too soon to suggest its debut may spark a new round of Chinese IPOs in the near future.
Shares of YY closed at US$11.31 on Wednesday, up 7.7 percent from its opening price.
The firm, which runs online gaming portal Duowan.com, real-time video and voice messaging software YY, raised US$81.9 million from its IPO of 7.8 million shares priced at the low end of its offering range at US$10.50 each.
The IPO was the first by a Chinese company in the US stock market in eight months. YY is the second Chinese company to list in the US after online shopping platform Vipshop Holdings' IPO in March this year.
But Poddy Feng, a senior analyst at ChinaVenture Group, said that ''US investors are still quite cautious about domestic companies' business model and market potential and it's still too early say it will trigger another round of Chinese firms' listing in the near future."
In the first three quarters of the year, YY achieved a net income of US$8.9 million.
Shares of YY closed at US$11.31 on Wednesday, up 7.7 percent from its opening price.
The firm, which runs online gaming portal Duowan.com, real-time video and voice messaging software YY, raised US$81.9 million from its IPO of 7.8 million shares priced at the low end of its offering range at US$10.50 each.
The IPO was the first by a Chinese company in the US stock market in eight months. YY is the second Chinese company to list in the US after online shopping platform Vipshop Holdings' IPO in March this year.
But Poddy Feng, a senior analyst at ChinaVenture Group, said that ''US investors are still quite cautious about domestic companies' business model and market potential and it's still too early say it will trigger another round of Chinese firms' listing in the near future."
In the first three quarters of the year, YY achieved a net income of US$8.9 million.
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