China cosmetic surgery information and services site So-Young International soared for a second day today after its U.S. listing, gaining amid broad enthusiasm for shares following an upbeat jobs report and a strong Nasdaq close.
So-Young rose 14% on Friday to close at $20.77. The company earlier this week raised $179.4 million in an IPO, selling 13 million American Depositary Shares at $13.80 each. Nasdaq trading began on Thursday.
So-Young describes itself as “the most popular online destination for discovering, evaluating and reserving medical aesthetic services in China.” So-Young investors include Trustbridge Partners and Orchid Asia. So-Young CEO Jin Xing’s nearly 16% stake was worth more than $300 million at today’s close.
So-Young’s revenue last year increased by 138% from 259.3 million yuan in 2017 to 617.2 million, or $89.8 million. It earned $8 million in profit. The company had 1.4 million monthly average mobile users last year.
Trustbridge is also involved in the upcoming Nasdaq listing of China e-commerce site Yunji. Yunji has raised $121 million in an IPO by offering 11 million shares at $11, the low end of the range of $11 to $13, according to Renaissance Capital. Existing shareholders Crescent Point and Trustbridge had indicated an interest in purchasing up to $100 million of the deal, accounting for 83% of the transaction, Renaissance said.
China stocks that had been dragged down at the end of last year on worries about U.S.-China trade negotiations have recovered on hopes that the two sides will soon reach an agreement.
Among China bellwether shares traded in the U.S., Alibaba Group rose by 2.5% today to $195.21, its best close since last summer.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.