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YY shares gain 7.7% after Nasdaq IPO
By Ding Yining |
November 22, 2012, Thursday
|
Online Edition
Online Edition
CHINESE online social platform YY Inc raised US$81.9 million on Nasdaq after selling shares at the low end of its offering range at US$10.5 apiece.
The initial public offering was the first of a Chinese company in the US stock market in eight months as investors start to pick up confidence.
It closed at US$11.31 yesterday, up 7.7 percent from its opening price and a total of 7.8 million shares were sold.
YY operates online gaming portal Duowan.com and provides real-time video and voice messaging software YY and other value-added service.
Industry watchers said YY's Nasdaq IPO signaled a drop of skepticism towards Chinese companies in the US capital market.
In the first three quarters, YY reported a revenue of US$88 million and a profit of US$8.9 million.
YY is the second Chinese company to get listed successfully on the US market after online shopping platform Vipshop Holdings.
"US investors are still cautious about Chinese companies' business model and market potential and it's still too early to say it will trigger another round of Chinese listings in the US markets in the near future," said Poddy Feng, senior analyst at ChinaVenture Group.
The initial public offering was the first of a Chinese company in the US stock market in eight months as investors start to pick up confidence.
It closed at US$11.31 yesterday, up 7.7 percent from its opening price and a total of 7.8 million shares were sold.
YY operates online gaming portal Duowan.com and provides real-time video and voice messaging software YY and other value-added service.
Industry watchers said YY's Nasdaq IPO signaled a drop of skepticism towards Chinese companies in the US capital market.
In the first three quarters, YY reported a revenue of US$88 million and a profit of US$8.9 million.
YY is the second Chinese company to get listed successfully on the US market after online shopping platform Vipshop Holdings.
"US investors are still cautious about Chinese companies' business model and market potential and it's still too early to say it will trigger another round of Chinese listings in the US markets in the near future," said Poddy Feng, senior analyst at ChinaVenture Group.
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