China's app for everything Meituan Dianping jumps in IPO [CNN]
Qutoutiao Inc. - American Depositary Shares (QTT)
Last qutoutiao inc. - american depositary shares earnings: 3/18 05:30 am
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Source: CNN
Why China and FAANG can still be attractive for investors Chinese tech company Meituan Dianping made a robust stock market debut Thursday after raising billions of dollars from investors. Shares in Meituan, whose app is used by more than 300 million people, jumped as much as 7% in morning trading in Hong Kong, giving it a market value of more than $50 billion. Its strong start contrasts with the weak debut by the previous big Chinese tech IPO in the city. In July, smartphone maker Xiaomi's shares fell on their first day and are trading below their IPO price more than two months later. Meituan's app offers a one-stop shop for services where people can make lunch reservations, buy movie tickets, book vacations or hail car rides. The company raised $4.2 billion from its IPO, pricing its shares near the top of its target range. Several recent Chinese tech listings in the United States have made volatile starts.
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