What’s new: Shares of Baosheng Media Group Holdings Ltd. jumped 77% in their Nasdaq trading debut in New York, after the company raised about $30 million through the sale of 6 million shares at $5 each.
The final pricing was at the bottom end of a $5 to $6 range given in an earlier filing to the U.S. securities regulator. The shares finished their first trading day Monday at $8.86.
What’s the background: The debut marks the first new offshore listing for a Chinese tech firm since the headline-making Hong Kong debut on Friday by Kuaishou Technology, China’s No. 2 short-video app. Kuaishou’s shares nearly tripled in that debut, giving it a market value of HK$1.23 trillion ($190 billion).
Kuaishou shares have continued to rise since then, and were up 15.3% in Tuesday morning trade.
Baosheng helps other companies develop online advertising strategies, and says it is an authorized agent for Kuaishou. The company reported 2019 revenue of $17.8 million, up 10% from the previous year, while its profit rose 22% to $10.8 million over the same period.
Related: Kuaishou Shares Almost Triple in Hong Kong Debut
Contact reporter Yang Ge (geyang@caixin.com)
